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Because of the coronavirus, individual and corporate taxpayers now have until July 15 to file and pay their 2019 taxes and first quarter 2020 estimated tax. The IRS has also given relief on certain actions pertaining to retirement plans and health savings accounts.
HSAs and retirement plans
Here's a cheat sheet of the Internal Revenue Service's adjusted deadlines for retirement plans and HSAs:
Contributing money to retirement plans – deadline July 15: People now have more time to contribute money to their individual retirement accounts for 2019. Since the due date for filing federal income tax returns has been postponed to July 15, the deadline for making contributions to IRAs for 2019 has also been extended to July 15.
Paying tax on money removed from retirement plan in 2019 – July 15: If people took out money from their IRA or workplace-based retirement plan in 2019, the deadline to pay the 10 percent additional tax also has been extended to July 15.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
