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Retirement NewsIRS Extends Health, Retirement Contribution Deadline To May 17 | #retirement | #elderly | #seniors

IRS Extends Health, Retirement Contribution Deadline To May 17 | #retirement | #elderly | #seniors

The Internal Revenue Service is giving taxpayers additional time to make contributions to their health accounts and individual retirement accounts after the personal tax filing deadline was extended by one month.

Those deadlines would have normally fallen on April 15, but the IRS extended the due date for personal tax filings to May 17 this year amid the ongoing pandemic and tax-law changes in the recent stimulus bill. Individuals will also have until May 17 to make contributions to their tax-favored individual retirement accounts or health accounts, the IRS said in guidance Monday.

The new due date for 2020 contributions applies to both traditional IRAs and Roth IRAs, as well as health savings accounts, Archer medical savings accounts (Archer MSAs) and Coverdell education savings accounts (Coverdell ESAs), the IRS said.

The guidance also extends the deadline of the three-year window to claim refunds from tax year 2017. Taxpayers who do not file a tax return within three years of the filing deadline, forfeit the money and it becomes property of the U.S. Treasury.

The IRS in a statement clarified that it is not extending the deadline for first quarter estimated tax payments for self-employed individuals and other business owners. Those payments are still due on April 15.

The deadline extension for individual tax returns, tax-favored account contributions and refund claims are all automatic and do not require taxpayers to take any action to qualify for the new deadline.

This article was provided by Bloomberg News.

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