Wiser Wealth: IRS Sets New Tax Filing Deadline, Here Is What You Need to Know About It


Tax Time with IRS Form

The Internal Revenue Service is postponing the tax filing and payment deadline for individuals from April 15 to May 17 for 2020 tax returns, writes Laura Saunders for The Wall Street Journal.

This postponement applies strictly to individuals filing Forms 1040 and 1040-SR and does not affect corporate, partnership, or nonprofit tax returns deadlines. The delay does not apply to first-quarter estimated tax payments for 2021.

The extension is automatic and applies to contributions to 2020 traditional IRAs, Roth IRAs, and HSAs, as well as contributions to Archer Medical Savings Accounts and Coverdell education savings accounts.

Meanwhile, the deadline to file 2020 tax returns still remains October 15 for individuals who file Form 4868 requesting an automatic extension. The deadline to submit this form has been moved to May 17.

The IRS will not automatically delay already scheduled automatic withdrawals of tax payments, but individuals can take action to postpone their payments until May 17.

As far as state tax deadlines are concerned, “we expect most states to conform their deadlines with the new federal deadlines,” said Mary Peterson, executive director of the Federation of Tax Administrators.

Read more about the new deadline in The Wall Street Journal.


Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business here.



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