The Internal Revenue Service recently announced the deadline to contribute to individual retirement accounts and health savings accounts has been extended to May 17. This announcement follows the IRS notice of March 17 that extended the 2020 federal income tax filing date for individuals from April 15 to May 17.
Americans can contribute to 2020 IRAs and Roth IRAs and HSAs, as well as Archer medical savings accounts and Coverdell education savings accounts, until May 17. Any taxes due on 2020 distributions from IRAs or work-based retirement plans is also due May 17.
The deadline for claiming 2017 federal refunds has also been moved to May 17. Taxpayers, by law, have three years from the filing deadline to claim a refund. In addition, foreign trusts and estates who file a Form 1040-NR have until May 17 to do so.
Some Americans will still owe taxes on the original filing deadline. The IRS has not pushed back the deadline for estimated payments, generally used by people with self-employment income, interest, dividends, alimony or rental income. The first quarterly payment is still due April 15.
