2020 tax filing & payment and HSA contribution deadlines extended
The federal income tax filing deadline has been extended from April 15, 2021 to May 17, 2021 (IRS-2021-59). Taxpayers can also defer federal income tax payments from April 15, 2021 to May 17, 2021 without normal penalties and interest regardless of the amount owed. This deadline extension only applies to federal taxes; individuals should check their state’s tax filing deadline as it may vary by state.
The amount of time that individuals have to make 2020 health savings account (HSA) contributions has also been extended to May 17 (IRS 2021-21). This notice also extends the due date for Form 5498-SA to June 30, 2021.
- The HSA contributions deadline extension will not impact any 2020 IRS 1099-SA forms necessary for filing taxes, which show 2020 HSA distributions.
- 2020 IRS form 5498-SA (informational only; not required for filing taxes) will be updated for any 2020 HSA contributions made through the May 17 contribution and filing deadline.
- If you have already filed your 2020 taxes or have additional questions regarding tax impact, please consult a tax professional.
- Use this additional time to build up your HSA balance so that funds are ready and available when you need them. Your HSA contributions are also tax-deductible up to the yearly limit.
We advise you to speak with your tax or benefits counsel regarding interpretation of the legislation.