We announced last week that the IRS Issued Notice 2020-18 postponing Tax Day to July 15, 2020. As a reminder, all federal tax payments and filings due April 15th are now not required to be filed or paid until July 15, 2020. Please note, this does not apply to Second Quarter 2020 estimates, as these are still due June 15th.
Many questions have now been answered by the IRS related to the relief provided in the notice, and here are a couple answers that benefit taxpayers:
- The deadline for IRA contributions has been extended until July 15, 2020. The 2019 contribution limit for traditional and ROTH IRAs is $6,000 under age 50, and if over 50, you are eligible to make an additional $1,000 in catch-up contributions (for total of $7,000).
- The deadline for Health Savings Accounts (HSA) contributions has also been extended until July 15, 2020. The 2019 contribution limits for HSA’s are $3,500 for individual coverage and $7,000 for family coverage.
Please click here for additional IRS filing and payment deadline questions and answers. FRSCPA is also available to answer any of your questions.