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401k Coronavirus HSA IRA Roth IRA

March 2020 Retirement Account Changes due to Coronavirus

Deadlines for most of the filing and contributions have been changed from April 15, 2020, to July 15, 2020:

  • Tax return filing date and tax payment date.
    • To avoid interest and penalties, pay your taxes in full by July 15, 2020
    • Also, note that this change of deadline only applies to federal tax and does not apply to state filing and payment deadlines.
    • This date extension also applies to first-quarter estimated income tax payments (usually paid if you are an entrepreneur and/or own a small business/LLC)
  • IRA and Roth IRA contributions for 2019
  • 2019 HSA contributions
  • Archer Medical Savings Accounts (MSA) Contributions
  • Coverdell Educations Savings Account Contributions

Note that the above deadline changes are for everyone i.e. not only for people affected by Coronavirus. The following two questions are from the IRS website:

Q2. Do I have to actually be sick, or quarantined, or have any other impact from COVID-19 to qualify for payment relief?

A2. No, you do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. You only need to have a Federal income tax return or payment due on April 15, 2020, as described above.

Q21. Does this relief provide me more time to contribute money to my HSA or Archer MSA for 2019?

A21. Yes. Contributions may be made to your HSA or Archer MSA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020

NOTE: Some companies in which you have these accounts may automatically code 2019 IRA or HSA contributions as 2020 contributions if you make them after April 15, 2020. So make sure to check and contact them if they make this mistake.

There are certain other changes specifically for people affected by Coronavirus. See this post.

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