The April 15 federal income tax filing deadline is just around the corner, but it’s not the only one. Several other tax deadlines also fall on Tax Day. Missing some of these deadlines might cause you to lose out on tax savings, and not meeting others can result in financial penalties.
Here is what you need to know about other tax deadlines for April 15, 2024.
(Note: If you live in an affected area of a state with an IRS tax deadline extension due to severe storms and natural disasters, you may have a different federal tax filing due date. Additionally, Patriot's Day and Emancipation Day holidays move the tax deadline this year to April 17 for Maine and Massachusetts.)
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Related: You May Have More Time to File if You Live in These States
1. Tax filing deadline
The 2023 federal income tax return filing deadline is April 15, this year. Failing to file your tax return by midnight on Tax Day could cost you a failure-to-file penalty, which is 5% of unpaid taxes for each month (or partial month) the tax return is late. If you are owed a tax refund, you don’t have to worry about this penalty.
Related: Seven Big IRS Changes to Know Before You File
2. Deadline to file for a federal tax extension
If you don’t think you will make the April 15 filing deadline, make sure you file for a federal tax extension before Tax Day. Requesting an extension before the due date will save you from the failure-to-file penalty and give you until Oct.15 to file. There are two ways to request a tax extension.
- File Form 4868
- Submit an electronic payment and select Form 4868 as your payment type (The IRS will automatically recognize this as a tax extension request.)
Regardless of which option you choose, your tax bill is still due by April 15 (more on that below).
Related: How to Get More Time to File Your Tax Return
3. Deadline to pay taxes
April 15 is also the deadline to pay the IRS federal taxes due, whether or not you requested a tax extension. If you haven’t filed yet, you might not know the exact amount you owe. However, the IRS won’t impose a late payment penalty if you pay at least 90% of your tax bill so, you can estimate to some degree. Just remember that your unpaid taxes will continue to accrue interest and penalties until your bill is paid in full.
IRS payment plans: The IRS has several options for taxpayers who can’t pay their taxes in full, including payment plans. It’s important to pay the IRS or make arrangements to pay as soon as possible. Ignoring a tax bill can result in financial penalties, and in severe cases, the IRS could place a federal tax lien on your property, possibly seize certain assets and garnish your wages
Note: If you have a household employee, April 15 is also the deadline to pay employment taxes.
Related: How to Pay the IRS if You Owe Taxes
4. 2023 HSA contributions deadline
Although 2023 has ended, eligible taxpayers still have time to contribute to their 2023 health savings accounts (HSAs). However, before you do, you might want to check your past contributions. Exceeding the HSA contribution limit comes with financial penalties.
- For 2023, you can contribute up to $3,850 for self-only coverage
- If you had family coverage, the contribution limit is $7,750
- People 55 and older can contribute an additional $1,000
Employer contributions also count toward contribution limits. So, don’t forget to check those too.
5. 2023 IRA contribution deadline
As with the HSA deadline, taxpayers have until Tax Day to contribute to their traditional or Roth IRAs (individual retirement accounts) for 2023 tax purposes. While Roth IRA contributions are considered taxable income, making contributions could qualify some taxpayers for the Saver’s Credit. The credit is nonrefundable and is worth up to 50% of the first $2,000 ($4,000 for joint filers) you contribute to retirement accounts.
Traditional and Roth IRAs also come with contribution limits.
- You can contribute up to $6,500 to your 2023 traditional or Roth IRA
- Taxpayers age 50 and older can contribute up to $7,500
- The total contributions between all your IRAs count toward the annual contribution limit
You also have until April 15 to contribute to your employees’ SEP IRA accounts. Making contributions to this type of IRA may lower your tax liability. You can deduct up to 25% of employee compensation or the amount of your contributions, whichever is less.
6. Correct excess IRA contributions
If you accidentally contributed too much to your 2023 IRA (known as ineligible contributions), you still have time to correct the mistake. Withdrawing the excess contributions by April 15 will spare you from a 6% penalty. Thankfully, IRA contribution limits are higher for 2024 than last year. So, it might make sense to apply the excess amount to this tax year instead.
7. Contribute to your solo 401(k) plan
Self-employed taxpayers have until April 15 to contribute to solo 401(k) accounts. Just make sure you don’t exceed these 2023 contribution limits 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, you can contribute up to $73,500 or 25% of your net adjusted self-employment income, whichever is less
8. Make your first 2024 estimated tax payment
If you have taxable income but don’t have income taxes withheld from your paycheck, your first estimated tax payment for the 2024 tax year is due on April 15. Underpaying or failing to make the payment altogether could result in financial penalties. You can use Form 1040-ES to calculate your estimated tax payment.
Remember there are two other estimated tax payments due in 2024. However, you can skip those if you pay all your 2024 estimated taxes by the April 15 deadline.
9. State tax deadlines
Most state income taxes are also due on April 15 this year. However, some states have later filing dates. For example, Patriot's Day pushes the tax deadline to April 17 in Massachusetts and Maine and in Virginia and Louisiana, tax returns are not due until May.
Additionally, some states granted tax extensions to eligible residents following natural disasters. Taxpayers should check with their state's revenue department to see when taxes are due since states can impose late filing and payment penalties.
For more information, see Kipliniger's report on states with IRS tax deadline extensions.
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