Once again, tax time is no longer just April 15th. For the second year in a row, the Federal Tax filing deadline has been extended for most taxpayers. What does this mean for the 2020 HSA contribution deadline?
What is the 2020 tax filing deadline?
?First, the federal tax filing deadline was extended from April 15, 2021, to May 17, 2021 for the 2020 tax year. Furthermore, residents of Texas, Oklahoma, and Louisiana received an extension until June 15, 2021, to file 2020 tax returns due to unprecedented winter storms in February 2021.
How does this impact HSA contributions?
Next, the Internal Revenue Service confirmed individuals have until May 17, 2021 to make 2020 contributions to Health Savings Accounts and Archer Medical Savings Accounts.
| 2020 Contribution Limits | Limit |
| Single Coverage | $3,550 |
|
Family Coverage |
$7,100 |
✔️Learn more on HSA contribution limits.
As a result of the extension to the 2020 HSA contribution deadline, individuals can expect to receive form 5498-SA by June 30, 2021. Form 5498-SA is typically provided to the IRS and to taxpayers as a confirmation of contributions reported in the given tax year. This is typically provided by May 31 of each year.
How are state filings impacted?
Lastly, individuals will want to confirm what the tax filing deadlines are for their individual state returns. Many states automatically conform to federal tax extensions. However, some require specific legislative action to change limits. The IRS provides a list of each state’s current tax agency, including the tax agency name and website.
Additional Links and Resources
- IRS extends additional tax deadlines – March 29, 2021
- Notice 2021-21: Relief for From 1040 Filers
- Tax Day for individuals extended to May 17 – March 17, 2021
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