May 17 is deadline for more than just individual tax returnsPosted on May 10th, 2021
Posted by Muhammad Akram, CPA
Monday, May 17 is the deadline for more than just individual returns. Here is a list of some other May 17 tax deadlines:
- Individual return extension requests– Extend beyond May 17 by filing Form 4868 or by making an electronic tax payment.
- Contributions to IRAs and health savings accounts– 2020 contributions to individual retirement arrangements (IRAs), Roth IRAs, Health savings accounts, Archer medical savings accounts, and Coverdell education savings accounts.
Withdrawals of any 2020 contributions to an IRA, including excess 2020 contributions (if you didn’t request a filing extension). (Note that this rule doesn’t apply to the following retirement plans: 401(k), 403(b), SARSEP and SIMPLE IRA plans. That deadline was April 15, 2021.Self-employed persons retirement plan contributions– Contributions to a Solo 401(k) plan or Simplified Employee Pension (SEP) IRA for 2020 (if you didn’t request a filing extension).
- Retirement plan distributions– Reporting and paying the 10% additional tax on amounts included in gross income from 2020 distributions from IRAs or workplace-based retirement plans.
- Payroll taxes for household employees– Form 1040, Schedule H (Household Employment Taxes), even if you aren’t required to file Form 1040 itself.
- 2017 unclaimed refunds– The law provides a three-year window to claim a refund. To get the unclaimed refund, a taxpayer must properly address and mail the tax return, postmarked by May 17, 2021. If a taxpayer doesn’t file a return within three years, the money becomes property of the U.S. Treasury.
- Foreign trusts and estates– Foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR.
- Returns for calendar year tax-exempt organizations– Forms in the 990 series, including Form 990-T, Exempt Organization Business Income Tax Return.