As email inbox’s started flooding with school closure announcements, business, restaurants, and the measures to self-quarantine, filing your taxes has likely slipped your mind. And for a good reason.
The impact of the Coronavirus on taxes was vast and rapidly changing day-by-day. In the end the IRS announced that the deadline for filing or paying your federal and state taxes has been moved from April 15, 2020, to July 15, 2020.
Other important details to know:
• IRA, HSA, and MSA contribution deadline extended: As per the Coronavirus tax relief information, you now have until July 15, 2020 to make contributions to an Individual Retirement Account (IRA). That’s three extra months to beef up your retirement savings. (Tip: When you submit your contribution, make sure your IRA custodian knows to earmark that money for 2019 and not your 2020 return). Additionally, the contribution deadline for Health Savings Accounts (HAS), or Archer Medical Savings Accounts (MSA) was pushed to July 15.
• Quarterly estimated tax payment deadlines extended: the due dates for Q1 and Q2 quarterly estimated taxes, normally April 15 and June 15 respectively, are extended to July 15.
The announcement came on the IRS’ website. It explains that the extension has been given to help those impacted by the Coronavirus outbreak. While the deadline has been moved, they still encourage everyone who will get money back to file as soon as possible. Most are still getting their refund within 21 days.
For more information on the filing date being moved, visit the IRS’ webpage. If you have questions about how this could impact you, consult a tax professional.