2020 IRA, HSA, MSA and ESA Contribution Deadlines Extended

The due date for filing 2020 individual income tax returns, and paying any tax due with the 2020 return, is now Monday, May 17. Interest and penalties will also not apply for that period.

The IRS has clarified contribution deadlines and other issues related to the extension:

• Contributions to IRAs and Roth IRAs, Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell Education Savings Accounts (Coverdell ESAs) for 2020 are now allowed to be made through May 17, 2021.
• Tax on premature distributions from retirement plans will also not be due until May 17, 2021:
• Form 5498 – IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer is required to file the form and provide it to participants and beneficiaries by June 30.

Visit Yeo & Yeo’s Tax Resource Center for useful links, tax guides, tax articles on our blog, webinars, podcasts and more. Please contact your Yeo & Yeo tax professional with questions or concerns

Also read:

Michigan Extends 2020 Tax Filing and Payment Deadline from April 15 to May 17

IRS Extends 2020 Individual Tax Filing and Payment Deadline from April 15 to May 17