Important tax deadlines
Mark your calendar with these tax filing and retirement account deadlines. Doing so can help simplify your financial life and may help you avoid IRS penalties.
- January 31, 2020 is the deadline for employers to mail out W-2 Wage and Tax Statements and generally, for businesses to send various Forms 1099, which report non-employee compensation, bank interest, and distributions from a retirement plan, and help calculate your total taxable income. However, extended timelines may apply, resulting in a later mail date.
- Feb. 18, 2020 is the deadline for businesses to send various Forms 1099 for accounts which include securities and report interest, dividends, capital gains and losses, and other income to help you calculate your total taxable income. However, extended timelines may apply, resulting in a later mail date.
- July 15, 2020 is the filing and payment date for 2019 federal income tax returns due April 15. You can file electronically or postmark your paper submission by that date.
- The new due date to file an extension to income tax returns is July 15, 2020 (extended from April 15, 2020). The extension only goes to Oct.15, 2020. Payment is still due July 15.
- The new deadline to make your IRA contribution for the 2019 tax year is July 15, 2020.
- Individuals who filed for an extension need to file their 2019 federal income tax return by October 15, 2020. Returns filed by mail must be postmarked no later than this date. However, you should estimate and pay any owed taxes by the July 15 deadline to help avoid possible penalties.
- If you are self-employed and filing for an extension for your personal taxes, you will have until the Oct. 15 deadline to file the paperwork for your individual tax return. However, any taxes you owe are still due on July 15.
- December 31, 2020 is normally the deadline to take required minimum distributions (RMDs) for 2020 tax year, but due to the CARES Act no RMD is required to be taken in 2020.
- December 31 is the last day to convert a Traditional IRA to a Roth IRA for the 2020 tax year.
- The deadline to sell non-qualified securities to realize a gain or loss for the 2020 tax year is December 31, 2020, if appropriate.
- December 31 is the last day to make charitable gifts which may qualify for a federal income tax deduction on your 2020 return.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.