IRS Filing Deadline Pushed Out
According to local Edward Jones agent Brandi Behlke, the IRS filing deadline has been postponed for individual income tax returns until May 17, 2021. The deadline for individuals to pay tax due for 2020 has also been extended to May 17. These extensions are automatic for every individual taxpayer.
The extension applies only to individual income tax returns, not to business entities.
Estimated tax payment due dates are not affected. The estimated tax payment for first quarter 2021 is still due on April 15, 2021.
2020 IRA Contribution Deadline Also Extended: The IRS has also extended the deadline to contribute to a traditional or Roth IRA until May 17, 2021, to align with the tax return filing deadline. If you'd still like to make a 2020 contribution, please contact us.
Form 5498: The IRS has extended the date brokerage firms have to furnish Form 5498 until June 30 in order to capture IRA contributions made until the extended May 17 deadline. Her office will furnish Form 5498 sometime after May 17, but at this point, the office does not have an exact date.
Remember, Form 5498 is for informational purposes only and does not need to be included when filing your federal individual income tax return.
If you need additional information regarding IRA contributions for the 2020 or 2021 tax year, need help with cost basis or have any other investment needs, please contact your local Edward Jones at 828-652-4241.