IRS Tax Due Dates and Deadlines
Know the tax deadlines that apply to you to avoid any IRS penalties or miss out on a valuable tax break.
The IRS hits you hard with penalties and interest if you miss a tax deadline. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes.
Its easy to miss the deadlines, so to make it easier for you we have put together a list you can bookmark or even add to you calendar with reminders.
- Employees who received at least $20 in tips during December 2019 must report those tips to their employer by January 10. (This is a monthly requirement for workers who collect tips.)
- January 15 is the last day for most people to pay estimated taxes for the 4th quarter of 2019.
- Farmers and fishermen can make a single payment of 2019 estimated taxes (instead of making quarterly payments)—that payment is due January 15.
- February 10 deadline for tips received in January.
- If you were exempt from income tax withholding in 2019 and want to reclaim the exemption for 2020, you need to fill out a new W-4 form and give it to your employer. (Note that you must qualify to claim an exemption.)
- March 2: Farmers and Fishermen File 2019 Tax Return (Form 1040) to Avoid Penalty if Estimated Tax Not Paid by January 15
- March 10: Tips for February 2020 Reported to Employer (Form 4070)
- April 1: First Required Minimum Distribution (RMD) by Individuals Who Turned 70½ in 2019. If you turned 70½ in 2019, you must take your first required minimum distribution (RMD) from your traditional IRAs and 401(k) plans by April 1. (Starting in 2020, you don’t have to take RMDs until you reach age 72, but that change doesn’t apply if you turned 70½ in 2019.)
- April 10: Tips for March 2020 Reported to Employer (Form 4070)
- April 15 is the last day file a 2019 tax return…unless you file an application for an automatic six-month extension with the IRS, which is also due on April 15.
- File 2019 Tax Return (Form 1040) and Pay Tax Due
- File Form 4868 to Request 6-Month Income Tax Return Filing Extension (payment of tax not extended)
- If you employ a nanny, maid, gardener or other household worker, you also have until April 15 to file Schedule H and pay their employment taxes. File Schedule H (1040) and Pay Employment Taxes for Household Employees (file separately if Form 1040 is not filed)
- Estimated Tax Payment for 1st Quarter of 2020 (Form 1040-ES)
- Contribute to Individual Retirement Account (IRA) for 2019
- Withdraw Excess IRA Contributions in 2019 to Avoid Penalty if Filing of Form 1040 Was Not Extended
- Contribute to Health Savings Account (HSA) for 2019
- Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2019 by Self-Employed if Filing of Form 1040 Was Not Extended