Important federal tax deadlines to know

Now that the end of the year is fast approaching, you may be wondering what you need to get for your 2020 taxes. Due to the Coronavirus, the Internal Revenue Service (IRS) has extended the deadline for individual tax returns, quarterly estimated taxes, and for filing a tax extension in 2020. The agency is expected to announce the exact date for accepting 2020 returns sometime during the first week of January 2021. Some dates have been announced, but they may change once 2021 starts. Here is a filing breakdown in chronological order to help you get your calendar updated.

January 15, 2021*

Fourth-quarter 2020 Estimated Tax payments are due. The 1040-ES form must be postmarked by January 15, 2021, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

April 15, 2021*

April 15 is the due date for three separate filings:

• The due date for filing your individual 2020 tax return and making tax payments is April 15, using form 1040. You will need to e-file or postmark your return by midnight. If you can’t make that deadline, you can apply for a six-month extension.
• April 15 is also the due date for the first quarter of 2021 Estimated Tax payments. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by April 15, 2021, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.
• April 15 is the last day to make a 2020 contribution to a traditional and/or Roth IRA.

June 15, 2021*

Second-quarter 2021 Estimated Tax payments are due. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by June 15, 2021, or filed online. If tax is automatically deducted by your employer,  contact them about this deadline.

September 15, 2021*

Third-quarter 2021 Estimated Tax payments are due. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by September 15, 2021, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

October 15, 2021*

If you received a filing extension on your 2020 individual tax return, it must be completed and postmarked by October 15, 2021.

If you need additional help or time to pay your taxes in full, you can set up an installment agreement with the IRS to pay your debt over time. Apply online to see if you qualify. The IRS will inform you whether or not your application is approved.

Be proactive with your taxes

With 2020 about to end, it’s a good idea to not only keep these important federal tax dates in mind but to start the New Year organized. 

• Make sure you have the W-2 forms you need from your employer.
• Download tax forms in advance and fill them out as early as you can.
• Consider investments in the next year so you can plan.

Midland National Life Insurance Company does not give legal or tax advice.  Please consult with and rely on a qualified legal or tax advisor for your individual circumstances.

*Source: IRS.gov, 2020

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