The October 15 federal tax extension deadline has passed but did you know several other tax deadlines fell on the same day?
You may qualify for a later filing day if you are in a federally declared disaster area, contribute to an employee’s IRA, or are self-employed and contribute to a solo 401(k) account.
If you missed these filing deadlines, you could miss out on tax savings. In some cases, you may even face financial fees and penalties.
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Here’s everything you need to know about October 15 tax deadlines.
1. October tax extension deadline
Last year's federal tax returns were originally due on April 18, 2024. But if you were granted a tax extension by the IRS, you had to file by Oct. 15.
Failure to file could result in a penalty of 5% of taxes due for every month (or partial month) that your return is late.
And yes, the IRS can charge interest on penalties, making that amount even higher.
However, the failure-to-file penalty is separate from late payment penalties. This means that your payment for 2023 federal tax returns was due on April 18, 2024, regardless of whether you were granted a federal tax extension for a later date.
So, if you haven’t paid your taxes yet, you should do so as soon as possible. The IRS offers several options for paying taxes even if you can’t pay the full amount.
Can you avoid a late filing penalty? The IRS won’t impose a failure-to-file penalty if you had no tax liability last year or are due a tax refund. Also, if you lived or had records in a federally declared disaster area, you may have more time to file taxes in your state.
2. IRS tax deadline for disaster areas
Earlier this year, Hurricane Helene devastated areas of seven states, including North Carolina, South Carolina, Alabama, Georgia, Tennessee, Florida, and Virginia.
The category 4 hurricane hit land on September 26 and led to hundreds of missing persons, lost lives, and extensive devastation.
The IRS granted affected individuals an extension of their original October 15 federal tax filing (if they had one) and made certain contributions and tax payments due with a later date of May 1, 2025:
- 2024 estimated tax payments originally due on Sept. 16, 2024, and Jan. 15 and April 15, 2025
- Quarterly payroll and excise tax returns originally due on Oct. 31, 2024, and Jan. 31, and April 30, 2025
Note: Affected taxpayers may be able to take a special disaster distribution from their retirement plan or IRA without incurring the 10% early distribution tax. But be sure to check your plan’s specific rules and guidance.
Other affected taxpayers may have had until the October 15 federal tax filing deadline. This can happen if you were impacted by a federally declared disaster in parts of Iowa earlier this year.
Not all taxpayers qualify for the automatic tax deadline extensions. You can check the IRS’ disaster relief page for more information.
3. State tax deadlines
Tax deadline relief for Hurricane Helene has been extended to five possible state returns. These tax extensions apply to those who previously filed for a 2023 extended deadline.
For example, if you are a North Carolina resident granted an Oct. 15 extension on your 2023 tax return (originally due April 15, 2024), you now have until May 1, 2025, to make that filing.
However, extended tax relief not only applies to those affected by Hurricane Helene.
For those granted tax extensions in other states, their state tax deadlines might have been due Oct. 15. Some states, like Alabama and Kansas, grant automatic tax extensions if you’ve already filed for a federal extension.
But not all states do. Once more, the tax extension deadlines for some states might be after Oct. 15. For instance, the Louisiana extended tax deadline for personal income tax returns isn’t due until Nov. 15.
Here are a few other exceptions to the Oct. 15 tax deadline:
- Virginia has an extended tax deadline of Nov. 1
- The extended tax deadline in New Hampshire is Nov. 15
It’s important to check your state’s Department of Revenue website before waiting to file your state tax return.
This is because exceptions can apply for deadlines falling after Oct. 15. For example, some states won’t grant a filing extension if you owe tax.
4. SEP IRA contribution deadline
If you filed for a federal tax extension, Oct. 15 was the deadline to contribute to your employee’s 2023 SEP IRA accounts. The contribution deadline for this type of IRA aligns with your federal income tax return deadline, which includes any granted extensions.
Making contributions to this type of IRA could lower your tax liability since you can claim them as a tax deduction on your return; however, it’s important to keep in mind that the IRS only allows you to deduct up to 25% of employee compensation (or the amount of your contributions, whichever is lower).
5. Solo 401(k) contribution deadline
Self-employed taxpayers who requested a federal tax filing extension had until Oct. 15 to contribute to solo 401(k) accounts. Be sure you don’t exceed these contribution limits, however, if you choose to make additional contributions:
- $66,000 or 25% of your net adjusted self-employment income, whichever is less
- If making catch-up contributions and are 50 or older, $73,500 or 25% of your net adjusted self-employment income, whichever is less
6. Correct excess IRA contributions
If you accidentally made excess IRA contributions (“ineligible contributions”) last year and were granted a federal tax extension, act quickly!
Since the IRS will tax you 6% on the excess in your account, you’ll want to have withdrawn the excess funds before the Oct. 15 deadline.
Here are the contribution limits for traditional IRAs and Roth IRAs:
- For taxpayers under 50 years old, $6,500 or your taxable compensation for 2023, whichever is less
- For taxpayers 50 years old or older, $7,500 or your taxable compensation for 2023, whichever is less
October 15 tax deadline time
You had until October 15 to meet the above deadlines unless you were affected by Hurricane Helene. In Helene-affected areas, taxpayers have until May 1, 2025, to file their federal returns.
Taxes for all other taxpayers who filed an extension or are otherwise subject to the Oct. 15 deadline are due by midnight. This means you’ll want your return filed by 11:59 that night.
However, any documents you send via regular mail must have been postmarked by Oct. 15.
Whether you mail your documents or submit them electronically, it’s not possible to predict exactly how long it will take to complete all your forms, so it’s best to start ahead of time.
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