Save the (Tax) Dates!

Tax Planning Save the (Tax) Dates!

In order to help you plan for your tax year 2020 taxes (the ones you file in 2021) and other important tax dates, we’ve compiled a list of key tax deadlines for you to keep in mind and mark on your calendar.

Open Enrollment for Marketplace Insurance: November 1, 2020 – December 15, 2020

If you need Marketplace health insurance for 2021, you have to enroll through the Health Insurance Marketplace by December 15, 2020. Want your coverage to take immediate effect by the New Year on January 1, 2021? Select your plan by December 20, 2020.

TurboTax Goes Live: December 3, 2020

All TurboTax Online products will be available beginning December 3, 2020. This includes TurboTax Live and our elite team of tax experts, ready with advice and answers to your tax questions. 

TurboTax is also offering a Refund Advance beginning December 3, 2020. With Refund Advance, TurboTax Online customers who file before February 15, 2021, and have a minimum expected Federal refund of $500 may be able to get a Refund Advance in less than one day of IRS e-file acceptance (est. mid-Feb). The IRS starts accepting tax returns on February 12th, and the IRS states that they will issue nine out of 10 tax refunds within 21 days after acceptance if you e-file with direct deposit. However, with TurboTax Refund Advance, you may be able to get $250-$4,000 (depending on your expected Federal refund amount, excluding any Recovery Rebate Credit) within a day once the IRS accepts your tax return.

Deadline to Maximize Your 401K Contributions: December 31, 2020

Whether you are self-employed or work for an employer, you have until the end of the year to maximize your 401K contributions, saving you money for retirement and on your taxes.

IRS E-file Opens: February 12, 2020

Mark your calendars! The IRS announced that they will begin processing tax returns on Friday, February 12, 2021. You can get started now with TurboTax and be first in line for your tax refund!

W-2s and 1099-NEC (Formerly 1099-Misc for Self-Employed) Sent Out by *January 31,2020

You should start seeing your W-2s and 1099s arrive in the mail.

Tax Year 2020 Tax Deadline: May 17, 2021

May 17 is the big day! Individual tax returns are due for Tax Year 2020, so be sure to e-file or postmark your individual tax returns by midnight local time.

Last Day to make 2020 IRA Contributions: May 17, 2021

If you haven’t maxed out your IRA contribution for 2020, you can make a 2020 IRA contribution by May 17, 2021 and also possibly get a tax deduction. Be sure to tell your plan administrator that your contribution is for 2020.

Self-Employed? Know Your Quarters!

4th Quarter 2020 Estimated Tax Payment Due: January 15, 2021

If you’re self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, remember to send your 2020 4th quarter estimated tax payment by the January 15, 2021 tax deadline.

1st Quarter 2021 Estimated Tax Payment Due: April 15, 2021 

If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, send in your 2021 1st quarter estimate by April 15, 2021.

2nd Quarter 2021 Estimated Tax Payment Due: June 15, 2021

If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, send in your 2021 2nd quarterly estimated tax payment by June 15, 2021.

3rd Quarter 2021 Estimated Tax Payment Due: September 15, 2021

If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, send your 2021 3rd quarterly estimated tax payment by Sept. 15, 2021.

4th Quarter 2021 Estimated Tax Payment Due: *January 17, 2022

If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, send your 2021 4th quarter estimated tax payment by January 17, 2022.

*When tax deadlines fall on a Saturday, Sunday, or Holiday, the deadline is the next business day.

TurboTax Has You Covered

Don’t worry about knowing these tax laws. TurboTax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for based on your answers. If you have questions you can connect live via one-way video to a TurboTax tax expert with an average of 12 years experience to get your tax questions answered. TurboTax Live tax experts are available in English and Spanish and can also review, sign, and file your tax return from the comfort of your home. TurboTax Live tax experts can also do your taxes from start to finish.

Comments (1) Leave your comment

  1. I paid $19.99 for Plus Help & Tools but got no print. What do I get? E-filed but did not get a hardcopy print for my files. My user name and password were not saved. How do I get access to these files?

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