Americans have until May 17 to contribute to 2020 to their IRAs or health savings accounts


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The deadline to contribute to individual retirement accounts and health savings accounts is May 17, the identical day that particular person federal earnings tax returns are due, the IRS stated Monday.

The announcement comes after the company postponed the filing deadline to May 17 from April 15 following elevated requires extra time following passage of the American Rescue Plan, which made modifications to taxes midseason, and tasked the IRS with disbursing one other spherical of stimulus funds.

Americans can contribute to 2020 IRAs and Roth IRAs and HSAs, in addition to Archer medical savings accounts and Coverdell training savings accounts, until May 17. Any taxes due on 2020 distributions from IRAs or work-based retirement plans can be due May 17.

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The deadline for claiming 2017 federal refunds has additionally been moved to May 17. Taxpayers, by legislation, have three years from the submitting deadline to declare a refund. In addition, overseas trusts and estates who file a Form 1040-NR have until May 17 to accomplish that, and tax preparers that need to volunteer for the company’s Annual Filing Season Program have until Tax Day to apply.

Some Americans will nonetheless owe taxes on the original filing deadline. The IRS has not pushed again the deadline for estimated funds, usually utilized by those that these with self-employment earnings, curiosity, dividends, alimony or rental earnings. The first quarterly fee remains to be due April 15.

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