As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This means federal tax returns and payments to the IRS will be due one month later than normal. Some taxpayers in a few other states have even more time to file both state and federal income taxes — those affected by severe winter storms in Texas, Oklahoma and Louisiana have until June 15 to file their taxes, following disaster declarations issued by the Federal Emergency Management Agency. Most states have followed the IRS and moved the deadline for income tax returns to May 17. The IRS has also extended other tax deadlines that typically fall on April 15. Got a confidential news tip? 2021 Tax Deadline Extension: What Is and Isn’t Extended? Below are the 2021 US tax deadlines for the 2020 tax year. Many taxpayers are still facing financial hardships due to the COVID-19 pandemic, and the extension is intended to provide some relief. When is the New Federal Tax Return Deadline in 2021? Get this delivered to your inbox, and more info about our products and services. However, while taxpayers had until July 15, 2020 to file 2019 returns, this year’s deadline is only extended to May 17, 2021. The extension is automatic, so individuals who need to take advantage of the extra time don’t have to do anything to apply or qualify for it. Hawaii, Iowa, Maryland and Oklahoma have state income tax deadlines that differ from the May 17 federal filing date. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The original tax filing deadline for individual returns is April 15, 2021, and that date still stands for anyone who needs to file a federal return and lives outside of Texas. We got you covered! IRS Tax Deadlines You Need to Know in 2021 Taxpayers now have until May 17 to file 2020 federal tax returns by John Waggoner, AARP, Updated March 29, 2021 | Comments: 0. And, other states may still move their filing dates. Here are some important things to know about the federal extension, and other tax deadlines in 2021. Start to prepare and eFile your 2020 Tax Return (s). "To do the state [return] you've got to do your federal [return] anyway," said Losi. The extended federal tax filing deadline of May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments that are normally due April 15, 2021. There's also confusion around whether the May 17 federal deadline also applies to individual retirement account or health savings account contributions for 2020. Most years, the deadline is April 15, but the IRS acknowledges that people need more time to file this year. extended the state filing deadline to June 1. work to prepare their returns sooner rather than later. The state income tax deadline is under review in Arizona, where the state legislature is considering a bill that would match the federal due date of May 17, according to the Arizona Department of Revenue. The federal tax filing deadline postponement to May 17th, 2021 only applies to individual federal income returns and tax payments otherwise due on April 15th, 2021 – including tax on self-employment income. The May 17 deadline is automatic, but, if you need additional time to file your federal income tax return you can file IRS Form 4868 to request an additional extension. The federal extension does not apply to estimated tax payments due on April 15, 2021. The May 17 extension does not change an extended deadline that had already been in place for individuals and businesses in Texas, Oklahoma and Louisiana. Our opinions are our own. The IRS is giving individuals an additional month to file and pay their 2020 taxes by extending the deadline to May 17, 2021. The IRS also needs more time to process tax returns this year. But a handful of states still have different deadlines that impact millions of taxpayers. The decision has been made in order to give taxpayers who may be under financial pressure more time to file their taxes, the tax agency have said. This includes contribution deadlines for Coverdell education savings accounts (ESAs) and Roth IRAs, which are sometimes used to save for college. has not postponed the … This extension is automatic and applies to filing and payments. However, you can kind of bend the rules if you need additional time to file a tax return. The Internal Revenue Service (IRS) has announced that the deadline for filing and payment of federal income taxes has been extended until May 17, 2021.. House Ways and Means Chair Richard E. Neal, Democrat, Massachusetts, stated, “This extension is absolutely necessary to give Americans some needed … The IRS plans to extend tax filing deadline to May 17, Lack of workers is hurting small businesses' ability to keep up with demand, 'Embrace the volatility' of the markets and stay with your original investment plan, financial experts say, Gary Vee made millions investing early in Uber, Snapchat and cryptocurrencies. … For example, Oklahoma residents can open and fund a 529 plan any time before June 15, 2021 and deduct the contribution amount from their 2020 state taxable income. Data is a real-time snapshot *Data is delayed at least 15 minutes. As such, taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. But so far, the IRS hasn't given any guidance about if taxpayers have more time to contribute to HSAs or IRAs, meaning some may want to make those contributions before April 15. Deadline for Individuals to pay Quarter 4 of their 2020 Estimated Income Tax payment. Other tax deadlines that are extended to May 17, 2021 include: The extended deadlines were put in place to support individuals who are experiencing financial hardship due to the COVID-19 pandemic. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. Missing a deadline can result in penalties and interest charges, and can delay your refund if one is due. On March 17, the Treasury and the IRS announced that the 2021 federal income tax return filing deadline for individuals was being moved back to May 17 for filing 2020 taxes. April 15, 2021 May 17, 2021 will be the postponed tax deadline, or Tax Day, for 2020 Tax Returns. Contributions to these accounts are not deductible from taxable income, but earnings in the account will grow tax-deferred and can be withdrawn tax-free if certain requirements are met. In these states, taxpayers generally have until April to make a qualifying 529 plan contribution. "I don't know what that's going to look like.". All Rights Reserved. Here's when state returns are due Here's when state returns are due Published Mon, Mar 29 2021 11:13 AM EDT Updated Wed, Apr 7 2021 1:30 PM EDT Likewise, all business returns for businesses operating outside of Texas must be filed by March 15, 2021. Sign up for free newsletters and get more CNBC delivered to your inbox. The federal tax filing deadline for individuals has been extended to May 17, 2021. The nearly 2.5 million taxpayers in Iowa will also get more time. The recent move by the IRS to extend the filing season to May 17 from April 15 only applies to federal income tax returns. Nonetheless, everyone is wondering what’s the tax filing deadline for 2020 and will it impact the IRA contribution deadline. Idaho also updated its tax day to match the federal deadline of May 17. We want to hear from you. This change does NOT include state tax payments or state tax deposits or estimated federal tax payments. Most states are following the extended federal deadlines, and a few have adopted even more generous extensions. Saving For College is an unbiased, independent resource for parents and financial professionals, For example, distributions from a Coverdell ESA are tax-free when the funds are used to pay for qualifying college and K-12 expenses. The new due date is May 17 rather than May 15 because May 15 falls on a Saturday this year. "A lot of states, their starting point is the federal AGI," Losi said, referring to adjusted gross income calculated on an IRS Form 1040. It was pushed … As such, taxpayers also will need to file income tax returns in … Here’s the good news: The IRS announced that the federal due date to file your 2020 tax return has been extended to May 17, 2021 and you do not need to file any special form to take advantage of the extension. providing them with information and tools to understand the benefits of 529 college savings plans and You must apply for a tax extension no later than your typical tax deadline: Sole proprietorships and single-owner LLCs must apply for an extension by May 17, 2021, which extends their tax-filing deadline to October 15, 2021. The extended federal tax filing deadline of May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments that are normally due April 15, 2021. We got you covered! As soon as January 27th, taxpayers can file their federal income tax return. Quarterly estimated tax payments are still due on April 15, 2021. The extended deadline gives you an extra month to maximize potential tax savings while saving for education. It’s important to file and pay your federal and state taxes as soon as possible. Most of these states have a December 31 deadline for qualifying contributions. But, it does not apply to self-employment taxes that are based on 2021 income. The first quarterly payment is still due April 15. Published: May. © 2021 CNBC LLC. In 2019, there were 1.1 million taxpayers in Hawaii, according to IRS data. Other tax deadlines that are extended to May 17, 2021 include: Contributions to traditional IRAs for tax year 2020 Contributions to health savings accounts (HSAs) for tax year 2020 Deadline to claim a federal tax refund for tax year 2017 The latest articles and tips to help parents stay on track with saving and paying for college, delivered to your inbox every week. That means if you’re self-employed you must pay your first quarterly estimated payment for 2021 by April 15. The law provides a three-year window of opportunity to claim a refund. The IRS announced extensions to the deadlines for filing and paying 2020 federal income tax returns. For tax year 2020, families with a modified adjusted gross income (MAGI) below certain limits may contribute up to $2,000 to a Coverdell ESA and up to $6,000 ($7,000 if you are 50 or older) to a Roth IRA. If you haven’t filed yet, you can schedule a virtual filing with a tax pro from H&R Block. Last year, when the tax-filing season was also extended due to the Covid-19 pandemic, almost all deadlines were pushed back to the same day — July 15, 2020. And, the deadline in Arizona could soon change. 444 Brickell Avenue, Suite 820 Miami, FL 33131, Extended Federal and State Tax Filing Deadlines 2021, Contributions to traditional IRAs for tax year 2020, Contributions to health savings accounts (HSAs) for tax year 2020, Deadline to claim a federal tax refund for tax year 2017. Of the states that have an income tax, all but five changed their 2021 filing deadline to May 17. 13, 2021 … On Monday, the Iowa Department of Revenue extended the state filing deadline to June 1. You have been successfully subscribed to our email list. The extended deadline also applies to self-employed individuals who file quarterly estimated taxes. The IRS extended the filing and payment date for these states to June 15, 2021, in response to the winter storm disaster declarations issued by FEMA earlier this year. ANNAPOLIS, Md. The IRS extended the federal tax deadline. Getty Images. The IRS has extended the federal tax filing deadline to May 17, 2021. Thank you! Six Signs It Might Be Time to Switch 529 Plans, See the best 529 plans, personalized for you, Helping families save for college since 1999. However, in six states, the 529 plan contribution deadline is the same as the state’s deadline for filing income taxes. You suspected that another tax filing deadline rollback was coming, didn’t you? Maryland's state Tax Day is July 15, and Oklahoma's is June 15. Equal Pay Day highlights a $1 million salary shortfall for some women, How to manage your money, boost your savings and start investing, Women are more financially stressed than ever. A Division of NBCUniversal. The IRS extension only applies to federal tax deadlines, but states have also extended their due dates for filing and paying income taxes. This could affect your college savings strategy, since in some states, deadlines for annual 529 contributions that qualify for a state income tax benefit have been also extended. How to overcome it. Individual tax returns (Form 1040) are due for tax year 2020, including for … Others don't have to file their state taxes until after the federal deadline. The latest 2020 Tax Return deadlines are listed here for the 2020 return due in 2021. Of course, the states with earlier filing dates could still push back their deadlines to match or come after the May 17 federal Tax Day. The table below lists the five states that do not have a May 17 filing deadline. April 15 is the same date that personal... Employment Tax. How to overcome it, Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox, How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch. Taxpayers who live in states with earlier filing deadlines than federal Tax Day may not get to take advantage of the federal extension, said Ryan Losi, a CPA with Piascik based in Richmond, Virginia. Still, taxpayers should keep these different deadlines in mind and work to prepare their returns sooner rather than later. The 2021 Federal Tax Deadline for Businesses Income Tax. That's good news for Maryland's nearly 5 million taxpayers and Oklahoma's nearly 3 million, according to 2019 IRS data. Over 30 states offer a state income tax deduction or credit for 529 plan contributions. US Tax Deadline Extended to 17 May 2021 The Internal Revenue Service (IRS) has announced that the US tax deadline has been extended from 15 April until 17 May 2021. That deadline doesn't always align with due dates for state income taxes. Correction: A previous version of this article incorrectly stated that the 529 plan contribution deadline for Wisconsin was May 17, 2021. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. In 2021, with the exception of Wisconsin, some deadlines are extended as follows: States typically limit the amount of annual 529 plan contributions that are eligible for income tax benefits, but contributions are fully deductible in Colorado, New Mexico, South Carolina and West Virginia. Story continues below advertisement The U.S. announced in March it would extend its federal folding and payment deadline from April 15 to May 17. In general, past due federal income taxes not paid by the May 17 deadline are subject to penalties and will begin to accrue interest. (March 18, 2021) – Comptroller Peter Franchot is notifying taxpayers that the Internal Revenue Service (IRS) has extended the filing deadline for the 2020 tax year for federal individual income tax returns from April 15 to May 17, 2021. Taxpayers in Hawaii have less time to prepare and file their state returns -- the state deadline is April 30. 2017 unclaimed refunds – deadline extended to May 17 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. En español | Tax Day has been pushed back to May 17 from the traditional deadline of April 15 for filing federal income taxes. Federal & state tax deadlines extended to June 15 for Louisiana winter storm victims (Credit: KALB) By KALB Digital Team. Due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. Arizona has not yet confirmed their due date, but legislation is pending to move it to May 17. This additional extension will give you until October 15, 2021 to file your 2020 tax return, however your tax payments are still due on May 17, 2021. The extended deadline does not apply to estimated income tax payments due April 15, 2021 for 2021 tax years. "I would reasonably expect that all of these things — HSAs, IRAs, amended tax returns from 2017 that would have a cutoff of April 15 — all of those things ultimately will be pushed back to May 17," said Adam Markowitz, an enrolled agent with Howard Markowitz PA CPA in Leesburg, Florida. The tax season might be a little more complicated for filers in certain states. Quarterly estimated tax payments are still due on April 15, 2021. Use the tax calendars for specific IRS due dates for filing your tax forms and paying your taxes. A virtual filing is an easy way to get professional tax filing from the comfort of your own home. Partnerships and S Corporations must apply by March 15, 2021, which extends their tax-filing deadline to September 15, 2021. Copyright © 2020 Saving for College, LLC. (May 15 is a Friday, so the new deadline is Monday, May 17.) The deadline to file taxes in 2021 is April 15 as always. For additional questions and the latest information on the tax deadline change, visit our “ IRS Announced Federal Tax Filing and Payment Deadline Extension ” … More from Invest in You:Equal Pay Day highlights a $1 million salary shortfall for some womenHow to manage your money, boost your savings and start investingWomen are more financially stressed than ever. The federal tax filing deadline for individuals has been extended to May 17, 2021. That's usually why federal returns are due before, or at the same time, as state returns, he added. how to meet the challenge of increasing college costs. Different due dates apply to individuals and corporations, and certain individuals have due dates that do not pertain to others. Tax Calendar Federal Due Dates. See detailed state related tax deadline and payment information. How Much to Save per Month for Children Who Aren’t Newborns? The extension also applies to families who open a new 529 plan account before their state filing deadline. Businesses are required to deposit payroll taxes semiweekly or every month. The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. Should You Convert an UGMA or UTMA to a 529 plan or not? Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. Most business income tax returns are due on April 15 of each year. Here's how he chooses where to put his money. Keep in mind that your state income tax filing due date may be different than the federal deadline. January 15, 2021. The Internal Revenue Service (IRS) and US Department of Treasury announced that the deadline for federal income tax filing was extended from April 15, 2021 to May 17, 2021. Some of the products featured in this article are from our partners, but this doesn’t influence our evaluations. At Savingforcollege.com, our goal is to help you make smart decisions about saving and paying for education. Other States Prior to this announcement of the federal extension, the Maryland Comptroller announced that the deadline for filing state income tax returns is extended until July 15, 2021, during which time no penalties or interest will accrue. 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