IRS Extends Several 2021 Tax Filing Deadlines to May 17th

Recently, the IRS moved the deadline for individuals to file 2020 federal income tax returns and pay any tax due from April 15 to May 17, 2021. The same automatic extension now applies to several other key tax deadlines, including:

DEADLINE FOR 2020 IRA CONTRIBUTIONS: If you have not reached your contribution limit for tax year 2020, you may continue to make 2020 contributions to traditional or Roth IRAs up until May 17. Taxpayers also have until May 17 to pay any tax due on 2020 IRA distributions, including the 10% penalty on non-exempt early withdrawals.

DEADLINE TO CLAIM 2017 TAX REFUNDS: If you are owed a federal tax refund for 2017, you have until May 17, 2021 to file any returns or amended returns necessary to claim the refund.

FILING DEADLINE FOR CERTAIN FOREIGN TRUSTS: Foreign estates and trusts that file Form 1040-NR have until May 17 to meet their federal tax filing and payment requirements.

Again, all of these deadline changes are automatic. You do not need to take any action in order to receive the extensions.

As of now, one critical deadline for many taxpayers has NOT changed. The due date for making an estimated tax payment for the first quarter of 2021 remains April 15. You may need to make estimated tax payments if you have significant income that is not subject to paycheck withholding, such as interest, dividend or self-employment income. A tax professional can help you determine if you owe estimated taxes.