![]() Last year, when the tax-filing season was also extended due to the Covid-19 pandemic, almost all deadlines were pushed back to the same day - July 15, 2020.īut so far, the IRS hasn't given any guidance about if taxpayers have more time to contribute to HSAs or IRAs, meaning some may want to make those contributions before April 15. There's also confusion around whether the May 17 federal deadline also applies to individual retirement account or health savings account contributions for 2020. More from Invest in You: Equal Pay Day highlights a $1 million salary shortfall for some women How to manage your money, boost your savings and start investing Women are more financially stressed than ever. The first quarterly payment is still due April 15. Beyond the misaligned tax filing dates in some states, the IRS extension didn't apply to quarterly estimated tax payments, generally made by those with self-employment income, interest, dividends, alimony or rental income. Still, taxpayers should keep these different deadlines in mind and work to prepare their returns sooner rather than later. Of course, the states with earlier filing dates could still push back their deadlines to match or come after the May 17 federal Tax Day. "To do the state you've got to do your federal anyway," said Losi. That's usually why federal returns are due before, or at the same time, as state returns, he added. ![]() "A lot of states, their starting point is the federal AGI," Losi said, referring to adjusted gross income calculated on an IRS Form 1040. Taxpayers who live in states with earlier filing deadlines than federal Tax Day may not get to take advantage of the federal extension, said Ryan Losi, a CPA with Piascik based in Richmond, Virginia. What deadlines mean for taxpayers in those states
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |