WASHINGTON – The Internal
Revenue Service today announced that individuals have until May 17, 2021 to
meet certain deadlines that would normally fall on April 15, such as making IRA
contributions and filing certain claims for refund.
This follows a previous announcement from the IRS on March 17, that the
federal income tax filing due date for individuals for the 2020 tax year was
extended from April 15, 2021, to May 17, 2021. Notice 2021-21 provides details on the additional tax
deadlines which have been postponed until May 17.
Time to make contributions
to IRAs and health savings accounts extended to May 17
In extending the deadline to file Form 1040 series returns to May 17, the IRS
is automatically postponing to the same date the time for individuals to make
2020 contributions to their individual retirement arrangements (IRAs and Roth
IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer
MSAs), and Coverdell education savings accounts (Coverdell ESAs). This
postponement also automatically postpones to May 17, 2021, the time for
reporting and payment of the 10% additional tax on amounts includible in gross
income from 2020 distributions from IRAs or workplace-based retirement
plans. Notice 2021-21 also postpones the due date for Form 5498 series
returns related to these accounts to June 30, 2021.
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. The law provides a
three-year window of opportunity to claim a refund. If taxpayers do not
file a return within three years, the money becomes property of the U.S.
Treasury. The law requires taxpayers to properly address, mail and ensure the
tax return is postmarked by the May 17, 2021, date.
Additionally, foreign trusts
and estates with federal income tax filing or payment obligations, who file
Form 1040-NR, now have until May 17, 2021.
2021 AFSP deadline
postponed to May 17
Tax preparers interested in voluntarily participating in the Annual Filing
Season Program (AFSP) for calendar-year 2021 now have until May 17, 2021 to file
their application with the Internal Revenue Service. The normal due date is
April 15.
Details on this extension are
in Notice 2021-21, posted on IRS.gov. For more information about the Annual
Filing Season Program, visit the Tax Pros page on IRS.gov.
Estimated tax payment
due April 15
Notice 2021-21, issued today does not alter the April 15, 2021, deadline for
estimated tax payments; these payments are still due on April 15. Taxes must be
paid as taxpayers earn or receive income during the year, either through
withholding or estimated tax payments. In general, estimated tax payments are
made quarterly to the IRS by people whose income isn’t subject to income tax
withholding, including self-employment income, interest, dividends, alimony or
rental income. Most taxpayers automatically have their taxes withheld from
their paychecks and submitted to the IRS by their employer.
Updates regarding tax relief as a result of the COVID-19 pandemic can be found at IRS.gov.
(Source: IRS Issue Number: IR-2021-67 )