Filing deadline extension pushes other tax deadlines

Your Guide to State, Local, Federal, Estate + International Taxation

You’ve probably already heard in response to the continuing pandemic the Internal Revenue Service and the state of Arizona extended the file date for individuals from April 15 to May 17, 2021. This filing deadline extension pushes deadlines for other tax issues, giving you an extra month to make any additional IRA contributions and bulk up your health savings account.

You now have until May 17 to make contributions to IRAs and Roth IRAs, health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). If you have a foreign trust or estate and file Form 1040-NR, you have until May 17, 2021.

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The filing deadline extension also gives you extra time to pay the 10% additional tax on any distributions you may have taken from your retirement plan which must be reported in your gross income. The deadline for Form 5498 has been pushed to June 30, 2021.

If you’d planned to file a return to claim a refund from 2017, you now have until May 17 to do that as well. You have three years from a filing deadline to file a return for that year and still claim a refund. If you miss the three-year deadline, you forfeit the money.

If you’re interested in applying for the Annual Filing Season Program (AFSP) for 2021, you have until May 17 to submit your application.

But take note – Estimated tax payments are still due April 15.

If you have any questions about deadlines or any other tax issue, please contact your Henry+Horne advisor. For more information and resources on COVID-19, see our coronavirus page.

Beth Hawley