Following a push by Congress this spring, the IRS agreed to delay the tax filing deadline from the traditional date of April 15 to more than a month later, May 17. This move, which followed a similar delay during the coronavirus pandemic last year that pushed the deadline back all the way to July, was meant to give Americans more time to get their taxes together, while also giving the IRS some breathing room, while the agency was also dealing with stimulus checks and other work that it is not doing in a typical springtime.
But that May 17 deadline is now looming. What do you need to know about the deadline, besides filing your federal income taxes? Kiplinger’s recently laid out all the other things that will have deadlines of May 17—most of which previously had the original filing deadline of April 15.
May 17 is also the deadline to request an extension for paying this year’s taxes until October 15.
“Just remember that the extension to file your return doesn't extend the time to pay your tax,” the site said. “You still have to estimate the amount of tax you'll owe and pay your tax bill by May 17. If you do not, the IRS will charge you interest on the unpaid balance and tack on additional late-payment penalties.”
The new May filing date is also the new deadline for making an IRA contribution for 2020.
“If you contribute to an IRA for 2020 by the May 17 deadline, you can claim the IRA deduction and/or the Saver's Credit on your 2020 tax return. That means you can get the tax benefits immediately, instead of waiting until next year if you were to contribute the same amount on May 18 or later,” Kiplinger’s notes.
May 17 also represents the deadline for making Solo 401(k) and SEP Contributions for 2020, and for HSA and Archer MSA contributions for last year. This is also the case for Coverdell ESA (education saving account) contributions and payroll taxes for household employees.
“If you employ a nanny, babysitter, maid, gardener or other household workers, but you are not filing a federal income tax return (Form 1040), you have until May 17 to file Schedule H and pay 2020 employment taxes for your household workers. If you do file a tax return, include Schedule H with the return and report the tax owed on Schedule 2 (Form 1040), line 7a,” the article said.
And finally, May 17 is the last chance for those who didn’t file a tax return in the year 2017 but may have refund money waiting for them to finally file that return and get the money.
Stephen Silver, a technology writer for The National Interest, is a journalist, essayist, and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.