On March 17th the IRS extended the filing deadline for individual tax returns for the 2020 tax year from April 15 to May 17. Since then, the IRS has issued additional guidance on which deadlines have and have not been extended. Here is what you need to know:
What’s been extended to May 17:
- Individual tax returns. This is Form 1040 and all attachments plus any elections that need to be made by the regular due date of the return. No action is necessary to take advantage of this one-month extension. This applies to all individual tax returns.
- Tax payments for 2020. Any balance due tax payments for the 2020 tax year are also extended to May 17. As long as you pay what is owed on your 2020 tax return by May 17, you won’t be subject to interest or penalties for late payment of taxes.
- IRA contributions for 2020. Contributions to Roth or traditional IRAs for the 2020 tax year can be made up to May 17.
- Contributions to HSAs, Archer MSAs, and Coverdell ESAs for 2020. Contributions to all of these for the 2020 tax year can be made up to May 17.
- Refund claims for 2017 tax returns. If you are owed a refund for a 2017 tax return that has not yet been filed, you have until May 17 to file that return and receive a refund.
What has not been extended (and is still due April 15):
- First-quarter estimated tax payments for 2021. If you make estimated payments, your first quarter payment for 2021 is still due April 15, even though the amount of the payment is generally based on your 2020 tax return which is not due until May 17.
- Corporate tax returns (Form 1120). Tax returns and payments for C-corporations with a December 31 year-end are still due April 15.
- Calendar year trust and estate returns (Form 1041). These returns and payments are still due on April 15.
- Gift tax returns (Form 709). These are still due on April 15, 2021. If you file for an extension for your individual return using Form 4868, this automatically extends the due for gift tax returns.
What else did not change:
- Extended individual returns are due October 15, 2021. Even though filing for an extension normally gives you six extra months, the due date for extended 2020 tax returns is still October 15, so you only get five months this year.
- Payroll tax returns and payment due dates have not changed. Please continue with your normal schedule of filing quarterly returns and making payments.
We will continue to keep you posted on any new developments.