Do you still need to file your personal income taxes? Due to the ongoing pandemic, the IRS has extended certain deadlines for individuals which would normally fall on April 15, including the federal tax-filing deadline, making IRA contributions and filing for unclaimed refunds.
Last month the IRS announced it would extend the individual federal income tax filing deadline to May 17, 2021. However, first quarter state and federal estimated payments are still due on April 15, 2021. It is especially important to get your information in to your Trusted Tax Advisor to get these items filed on time.
IRA and Health Savings Account Contributions Extended
In addition to the individual federal income tax filing extension, time to make contributions to IRAs, health savings accounts, Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts has been extended to May 17, 2021.
Time for reporting and payment of the 10% additional tax on amounts included in gross income from 2020 IRA and workplace-based retirement plan distributions will also be extended to May 17. The due date for Form 5498 series returns will be pushed back to June 30, 2021.
2017 Unclaimed Refunds
For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. If you are looking to file prior-year returns, we are happy to help!
In addition, foreign trusts and estates with federal income tax-filing or payment obligations, who typically file Form 1040-NR, now have until May, 17, 2021.
Need Additional Assistance?
If you need more time to file after the new May 17 deadline, you may request a filing extension and we will take care of the additional extension to Oct. 15 on your behalf.
If you have any questions regarding the newly extended tax deadlines or your personal filing requirements, please contact a KerberRose tax advisor today.