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Mark your calendar with these tax filing and retirement account deadlines. As the IRS continues to monitor issues with COVID-19 virus, saving these dates may help simplify your financial life and help avoid IRS penalties.
January 31
January 31, 2020 was the deadline for employers to mail out W-2 Wage and Tax Statements and generally, for businesses to send various Forms 1099, which report non-employee compensation, bank interest, dividends and distributions from a retirement plan, and help calculate your total taxable income. However, extended timelines may apply, resulting in a later mail date.
April 1
April 1 is the deadline for IRA owners to take out the first required minimum distribution (RMD). IRA owners are notified of the RMD rules each year.
In December of 2019 the SECURE Act was passed into law and became in force on January 1st of 2020. The SECURE Act changed the age of the first RMD from 70.5 to 72. The impact for those currently taking a RMD and IRA owners born before and after June 30th, 1949 are as follows:
IRA owners born June 30, 1949 or earlier have reached the required beginning date and must continue with the RMD
No IRA owners are required to start their RMD in 2020 if born after June 30, 1949
IRA owners who are born July 1, 1949 through Dec 31, 1949 begin their RMD in 2021, unless it is a governmental 403(b) plan and then the year is 2022.
Federal Tax Filing and Federal Tax Payment Changed from April 15 to July 15
As of March 21, 2020 the Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
April 15, 2020 has been extended to July 15, 2020 as the due date to file your 2019 federal income tax return electronically or postmark your paper submission.
If you want a 6-month extension of time to file your federal income tax return, you must file Form 4868* and pay what you estimate you owe in tax to avoid penalties and interest.
It is not clear if April 15 is still the last day to contribute to a traditional or Roth IRA account for 2019 but it would be safe to plan on this date staying the same.
The IRS still urges taxpayers who are owed a refund to file as quickly as possible. The IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. See IRS website for more information.
*Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
October 15
Individuals who filed for an extension need to file their 2019 federal income tax return and pay any tax, interest and penalties due by October 15, 2020.
December 31
December 31, 2020 is the deadline to take required minimum distributions (RMDs) for 2020 tax year, applies to individuals born June 30, 1949 or earlier.
December 31 is the last day to convert a Traditional IRA to a Roth IRA for the 2020 tax year.
The deadline to sell non-qualified securities to realize a gain or loss for the 2020 tax year is December 31, 2020, if appropriate.
December 31 is the last day to make charitable gifts which may qualify for a federal income tax deduction on your 2020 return.
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