The IRS has updated the frequently-asked-question (FAQ) information at its website, confirming that IRA, HSA, and certain retirement plan contributions otherwise due by April 15, 2020, can be made as late as July 15, 2020. This aligns with the three-month tax return filing deadline extension the IRS announced in Notice 2020-18, issued on March 20, 2020.
While Notice 2020-18 addressed the three-month tax return deadline extension, it did not address contribution deadlines that generally align with the year’s tax filing deadline. Nor did Notice 2020-18 cite other guidance—such as natural disaster declarations—that are sometimes relied on to confirm extension of contribution deadlines.
The posting of these new FAQ items, #17, #20, and #21, give the guidance that has been awaited. IRA and HSA contributions for 2019, and employers wanting to make retirement plan contributions aligned with a business tax filing deadline of April 15, 2020, have an extended deadline of July 15, 2020, to make these contributions.