Ask The Hammer – Tax Filing Deadline Extended
Deadlines for IRA, HSA and Coverdale contributions and tax filings are reviewed.
Key Takeaways
- IRA, HSA, and Coverdell contributions for 2020 can now be made by May 17, 2021 instead of April 15, 2021, with no penalties for late 2020 tax payments through that date
- Q1 2021 estimated tax payments must still be paid by the regular April 15, 2021 deadline—not extended to May 17—creating confusion since most people base current year estimates on the previous year's liability that hasn't been calculated yet
- Salary deferrals for employer 401(k)s must be funded by December 31st and cannot be pushed back, while solo 401(k) contributions may potentially extend to May 17th (clarification still pending)
- Filing a tax extension now provides 5 months of extra time (to October 15) instead of the typical 6 months, since the extension deadline itself did not move back
- Different retirement accounts have different contribution deadlines: some align with the May 17 extension while others maintain December 31 or April 15 deadlines—verify your specific account type with your provider
Ask The Hammer - Tax Filing Deadline Extended: In this episode of Ask The Hammer, deadlines for IRA, HSA and Coverdale contributions and tax filings are reviewed. Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
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