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#2251054 - 03/23/21 07:03 PM IRA Contribution Deadline
Bankwoman1 Offline
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Joined: Dec 2015
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Midwest
Does anyone know if the 2020 IRA/HSA contribution deadline has been extended along with the individual tax filing deadline? I seem to find different answers when doing a search and wasn't sure if the IRS had released information on this and I somehow missed it.

Thanks!
Last edited by Bankwoman1; 03/23/21 07:04 PM.
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#2251180 - 03/24/21 08:48 PM Re: IRA Contribution Deadline Bankwoman1
John Burnett Offline
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I also have looked for anything mentioning IRAs. Nothing. The IRS did say, though, that the delay does not change the 4/15/2021 due date for estimate tax payments (for those who have to make them). It only affects the filing date for the return and the date for paying any tax owed on 2020 income.
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#2251247 - 03/25/21 06:07 PM Re: IRA Contribution Deadline Bankwoman1
Bankwoman1 Offline
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Midwest
Thanks John - good to know.

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#2251268 - 03/25/21 07:27 PM Re: IRA Contribution Deadline Bankwoman1
rlcarey Online
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I think it is probably coming based on the FAQ from the 2020 extension. They just have not got around to it yet.

Q. Does this relief provide me more time to contribute money to my IRA for 2019?

A. Yes. Contributions may be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.
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#2251476 - 03/30/21 04:13 PM Re: IRA Contribution Deadline Bankwoman1
YHWB Offline
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IRS has issued IR2021-67 and Notice 2021-21 extending the deadline for 1040 tax returns from April 15 to May 17 and thereby automatically allowing IRA, HSA and ESA contributions for tax year 2020 to May 17, 2021. The Notice also extends the filing date for recipient and IRS forms 5498 to June 30, 2021.

BUT for the states of Oklahoma, Texas, and Louisiana, Individuals in those states have until June 15th because there were federally declared disaster notices issued. Are IRA, HSA and ESA contributions for tax year 2020 extended there to May 17, 2021 or June 30?

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#2251500 - 03/30/21 06:04 PM Re: IRA Contribution Deadline Bankwoman1
YHWB Offline
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Is this correct?

Notice 2021-21 postpones the due date for Form 5498 to June 30, 2021. The June 30, 2021 extension includes Form 5498 for those in the disasters areas of Oklahoma, Texas, and Louisiana.

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).

The three disaster declaration states of Oklahoma, Texas, and Louisiana have a tax filing date of June 15. This includes personal income tax and being able to contribute to their IRA’s, etc. through that date. All other states are under the May 17th date.
Last edited by YHWB; 03/30/21 07:39 PM.
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#2251808 - 04/05/21 04:11 PM Re: IRA Contribution Deadline Bankwoman1
burkemi Offline
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Has anyone seen anything definitive about the contribution deadline?
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#2251816 - 04/05/21 06:16 PM Re: IRA Contribution Deadline Bankwoman1
rlcarey Online
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You mean besides Notice 2021-21 that YHWB quoted??
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#2251830 - 04/05/21 08:19 PM Re: IRA Contribution Deadline rlcarey
burkemi Offline
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Originally Posted by rlcarey
You mean besides Notice 2021-21 that YHWB quoted??

Oh geez - I completely spaced there. Sorry about that!
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