This is more of a public service announcement than anything, but I wanted to make sure that you were aware that Friday, October 15, 2021, will mark three important tax deadlines for tax year 2020:
Here they are:
■ Final Deadline for Individual Federal Income Tax Returns: the nationwide final deadline for filing an individual federal income tax return (Forms 1040, 1040A, 1040EZ) for tax year 2020 after having filed for an extension.
For more information, go to When, How, and Where to File on the IRS website.
■ Removal of Excess (ROE) and Recharacterization Deadline: the processing deadline for tax year 2020 Removal of Excess (ROE) and Recharacterization requests, in accordance with an automatic extension granted by the IRS. We will process all requests received in good order by close of business Friday, October 15 on a best-efforts basis; however, we encourage you to submit all requests as soon as possible to ensure processing for tax year 2020.
Any Prior Year Removal of Excess request(s) processed after the deadline will be reported to the IRS as an after-tax filing. Recharacterization requests received after the deadline will not be processed, in accordance with IRS regulations.
Requests must be received in good order for processing.
If a new IRA is being established to facilitate a Recharacterization, the new account forms must be received in good order.
■ SEP and SIMPLE IRA Contribution Deadline: the postmark deadline for Qualified Retirement Plan (QRP), Simplified Employee Pension (SEP) IRA, and Employer Savings Incentive Match Plan for Employees (SIMPLE) IRA Prior Year Contributions, in accordance with an automatic extension granted by the IRS.
Please let me know if you have any questions.
Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com
