Americans have until May 17 to contribute to their IRAs or health savings accounts by 2020
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The deadline for contributing to individual retirement and health savings accounts is May 17, the day the federal individual income tax returns are due, the IRS announced on Monday.
The announcement comes after the agency moved the filing deadline from April 15 to May 17 after asking for more time following the adoption of the U.S. rescue plan that included changes to mid-season taxes, and the IRS with the Paying out another round of stimulus payments had mandated.
Americans have until May 17 to contribute to the 2020 IRAs and Roth IRAs and HSAs, as well as Archer Medical Savings Accounts and Coverdell Education Savings Accounts. Any taxes due on 2020 payouts from IRAs or work-related retirement plans are also due on May 17.
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The deadline for applying for federal reimbursements in 2017 has also been postponed to May 17. Taxpayers legally have three years from the registration deadline to request a refund. Additionally, overseas trusts and estates filing a Form 1040-NR have until May 17 to do so, and tax advisors who wish to volunteer for the agency’s annual filing season program have tax day to sign up apply.
Some Americans still owe taxes on the original filing date. The IRS has not postponed the deadline for estimated payments, which are generally used by individuals who have self-employed income, interest, dividends, alimony, or rental income. The first quarterly payment is due on April 15th.