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Julie Jason: Notable deadline changes from the IRS

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When the IRS changed the tax filing date for 2020 (April 15, 2021 to May 17, 2021), it adjusted some other important deadlines. It’s important to note that these deadlines aren’t adjusted on the IRS website if you’re searching by topic. See IRS Notice 2021-21 instead (tinyurl.com/3fye6bx9).

You have until May 17, 2021 to make 2020 contributions to your individual retirement accounts (IRA and Roth IRA), Coverdell savings accounts (Coverdell ESA), health savings accounts (HSA) and Archer medical savings accounts (Archer MSA) .

Also postponed to May 17 is the reporting and payment of an additional 10% tax on “amounts included in the gross distribution income of the IRA for 2020”.

The deadline for submitting forms 5498 to taxpayers, an important document related to IRAs and other retirement plans (and something we discussed in January regarding the required minimum distribution rollover), has been moved from 31 May 2021 to 30 June 2021 . years. Notice 2021-21 states that penalties for those IRA trustees or publishers who do not submit forms “will begin to accrue on July 1, 2021.”

The second deadline, which has been moved from April 15, applies to tax trainees, especially those interested in participating in the Annual Application Program (AFSP) for the calendar year 2021. They now have until May 17 to apply. The Tax Administration describes the AFSP as “a voluntary program designed to encourage unregistered individuals preparing tax returns to participate in continuing education courses.” More information about the program can be found at tinyurl.com/yd35ckn9.

If you wish to claim a refund related to your 2017 federal income tax return, the three-year deadline is also extended to May 17, 2021. (Under the Internal Revenue Act, there is a three-year period for claiming a refund. See tinyurl.com/esxm6w.) For a refund in 2017, you have a tax filing deadline of May 17, 2021 – make sure you address the mail correctly. If you miss this deadline, there is no refund. That money becomes the property of the U.S. Treasury.

Finally, for those required to file an IRS Form 1040-NR for 2020, which applies to foreign trusts and properties that have federal income tax returns or payment obligations, the deadline is now May 17, 2021.

What was not delayed? The deadline for estimating tax payments is April 15, 2021. You might not think about the fact that taxes have to be paid throughout the year because taxpayers receive income. For most people, this happens when the tax is automatically deducted from their salaries and the employer sends it to the tax administration. Of course, there are others who pay tax on quarterly estimates because their income is not subject to withholding income tax. These include self-employment, interest, dividends, alimony and rental income.

Additional IRS updates related to the coronavirus tax exemption can be found at tinyurl.com/xytn939e.

On the other hand, the Treasury and the IRS announced on March 30 that they predict that economic performance payments will begin to be issued to social security recipients and other federal beneficiaries who do not normally file tax returns, with most incentive payments provided. send electronically and receive on April 7th.

According to the announcement, the update referred to “users of social insurance, supplementary insurance (SSI) and users of the railway retirement committee who did not file a tax return for 2019 or 2020 or did not use a tool that does not meet the data.” The announcement further states that the Tax Administration “continues to review the data received for beneficiaries of veterans’ rights (VA) and expects to set a payment date soon and provide more details.”

On the other hand, if you are interested in the basics of property planning, join me on the virtual presentation “Planning a property in retirement”. It will be held on Wednesday, April 7, at 1:00 PM EDT, and is sponsored by the Greenwich Library (Connecticut). To register go to tinyurl.com/34t2c6dx or contact Yang Wang, 203-622-7924, ywang@greenwichlibrary.org.

Julie Jason, JD, LLM, personal money manager (Jackson, Grant of Stamford) and author, welcomes your questions / comments (readers@juliejason.com). Her awards include the 2020 Clarion Award, which symbolizes excellence in clear, concise communications. Her latest book, a curated collection of Julie’s columns, reads “Safely Retreat: An Insight into Money Management from an award-winning financial columnist.” To hear Julie speak, visit juliejason.com/events.

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