IRS extends additional tax deadlines to May 17

https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-to-may-17

 

COVID Tax Tip 2021-45, April 7, 2021

Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.

Here's what's affected:
Contributions to IRAs and health savings accounts
People now automatically have until May 17, 2021, to make 2020 contributions to their:

    Individual retirement arrangements (IRAs)
    Health savings accounts
    Archer medical savings accounts
    Coverdell education savings accounts

The deadline for reporting and paying the 10% additional tax on amounts included in gross income from 2020 distributions from IRAs or workplace-based retirement plans is now May 17, 2021. Lastly, the due date for Form 5498 series returns related to these accounts is now June 30, 2021,
2017 unclaimed refunds

The law provides a three-year window to claim a refund. Normally, April 15, 2021, is the deadline to claim a refund from tax year 2017 but, the IRS has extended it to May 17, 2021. To get the unclaimed refund, a taxpayer must properly address and mail the tax return, postmarked by May 17, 2021. If a taxpayer doesn't file a return within three years, the money becomes property of the U.S. Treasury.

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No extension for estimated tax payments

April 15, 2021 is still the deadline to make first quarter estimated tax payments. Withholding is automatic for most employees, but some taxpayers' income isn't subject to income tax withholding. These taxpayers must generally make quarterly estimated tax payments. Income that may require estimated tax payments include:

    Self-employment
    Interest
    Dividends
    Alimony
    Rentals

Taxpayer should review IRS Notice 2021-21 for more information about these extensions.