2020 IRA contribution deadline

[Dobber]

Has the 2020 IRA contribution deadline been deferred to May 17th?  I noticed some outlets have been reported the extended (May 17th) deadline however the IRS hasn't posted/announced anything.

Thoughts?

[Lois Baker]

Deadline for IRA contributions is the due date for filing the individual tax return -- it was extended in 2020, when the 1040 deadline was extended to July 15; presumably that same relief automatically applies this year.

See:

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers (re 2020 extension of contribution deadline)

and IRS Publication 590-A, re general due date for IRA contributions  (also see IRC 408(o)(3) => IRC 219(f)(3) -- due date is time for filing of return, not a specific April 15 date)

[RatherBeGolfing]

Agree with Lois.  The extension for the IRA contributions flows with the due date for the return, so the IRS wouldn't need to address the IRA contribution deadline separately. That said, they most likely will address it in some way as we get closer to the original due date.  

Also, see today's posting on the SlottReport

 

[Lois Baker]

Ask and ye shall receive:

https://benefitslink.com/src/irs/n-21-21.pdf

[Bob the Swimmer]

YES--see below

Text of IRS Notice 2021-21: Relief for Form 1040 Filers Affected by Ongoing Coronavirus Disease 2019 Pandemic (PDF)

"The postponement of the due date for filing these Federal income tax returns to May 17, 2021, also automatically postpones to the same date the time for Affected Taxpayers to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This postponement also automatically postpones to May 17, 2021, the time for reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.... Because filers of Form 5498 series are Affected Taxpayers, the due date for filing and furnishing the Form 5498 series is postponed to June 30, 2021.&qu ot;  MORE >>