By Kevin Rigg, Director of Financial Life Planning

This week, the IRS announced an extension of the 2021 tax filing deadline from April 15 to May 17 for 2020 tax returns. This extension is automatic and only applies to individual returns (Forms 1040 and 1040-SR). Here are answers to a few common questions about the recent extension:

Do I get an extra month to pay my first quarter estimated taxes?
No, the extension only applies to the 2020 tax filing, and the 2021 first-quarter tax estimate is still due April 15.
Do I get an extra month to make my IRA or HSA contributions?
It is unclear at this time, but we expect the IRS to issue guidance soon. In the meantime, we recommend operating under the assumption that these contributions are still due by April 15.
What if I need even more time to file my 2020 tax return?
You are still permitted to extend your tax filing deadline to October 15. It is not automatic and you will need to file Form 4868, although you now have until May 17 to do so.
Will my state tax return deadline also be extended?
This is also unclear, although most states usually conform to the federal tax filing guidelines. We suggest you contact your state tax authority for further guidance.