The 2020 Tax Deadlines You Need to Know

Now that we’re into the new year, tax time is right around the corner. With that in mind, we’ve made a guide for the important 2020 tax deadlines that you need to know. Below is a collection of important due dates, as well as some answers to common tax-related questions. Mark them down on your calendar, so that you’ll be prepared when it’s time to file.

Did you buy a new house in 2019? Make sure you’re aware of tax deductions for new homeowners before you file — and speak with your tax professional!

Important federal income tax deadlines by calendar date

January 15, 2020

• This is the last day that you can make your fourth-quarter estimated tax payment for the 2019 tax year.

January 27, 2020

• The first day you can file your tax return for the 2019 tax year.

January 31, 2020

• The deadline for employers and businesses to mail out W-2 and 1099 forms.

February 18, 2020

• This is the deadline for financial institutions to mail out any 1099-B forms for stocks, bonds, and mutual funds. It’s also the deadline for them to mail out 1099-S forms, which relate to real estate transactions, and 1099-MSC forms, which are used for miscellaneous income.

February 28, 2020

• The last day for businesses to mail any 1099 or 1096 forms to the IRS.

March 16, 2020

• This is the deadline to file corporate tax returns or to ask for an extension on filing Form 7004 for companies that use the calendar year as their tax year.
• It’s also the deadline to file partnership tax returns or to ask for an extension on filing Form 7004.

April 15, 2020

• It’s the deadline to file individual tax returns for the 2019 tax year.
• If you plan on filing for an extension on your taxes, you must file Form 4868 by this date.
• This is the last day to make a contribution to your IRA — either traditional or Roth — for the 2019 tax year. The contribution limit is $6,000. However, if you are over the age of 50, you are eligible to make an additional $1,000 contribution.
• It’s also the last day to contribute to your Health Savings Account for 2019. In this case, the limit is $3,500 for individuals and $7,000 for families.

 June 1, 2020

• June 1 is the deadline for financial institutions to file Form 5498 and report the balances of any IRAs.

June 15, 2020

• This is the deadline to pay second-quarter estimated taxes for 2020.
• It’s also the deadline for any US citizens who are living abroad to either file their individual tax return or file for an extension.

September 15, 2020

• The third-quarter estimated tax payments are due for 2020.
• If you requested an extension, this is your final deadline to file a corporate tax return for the 2019 tax year.

October 1, 2020

• This is the last day that small business owners and self-employed individuals can establish a SIMPLE-IRA.

October 15, 2020

• If you requested an extension on your individual tax return, this is your deadline to file.
• This is also the last day you can file a return electronically. If you file after this date, you must mail in a physical copy of the forms.

When are state taxes due?

Unfortunately, the answer to this question varies by state. Most states that are subject to income tax follow federal tax deadlines, but that’s not always the case. The best way to find out your state’s filing deadlines is to get in touch with your state’s tax department. They can inform you of any important due dates and walk you through the process for filing an extension, if needed.

What happens if I miss a tax deadline?

While you always want to do your best to stay on top of due dates, mistakes do happen. Fortunately, in most cases, missing an income tax deadline boils down to making sure that you file your return as soon as possible and paying a moderate fine or interest charge.

You can go to IRS Free File to file your return electronically and IRS Direct Pay to pay anything that you owe, if you don’t feel comfortable putting a check in the mail.

What if I can’t pay what I owe?

Even if you can’t pay the entirety of what you owe in taxes, you should still file a tax return by the deadline. You should also be sure to pay as much as you can in order to avoid incurring interest charges or penalties. Then, in a timely manner, get in touch with the IRS via 800-829-1040 to let them know that you’re having trouble making your payment.

Depending on your situation, you may be able to either work out an installment plan or be granted a temporary extension.