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
TurboTax is also offering a Refund Advance beginning December 3, 2020. While the IRS doesn’t start accepting returns until mid to late January and nine out of 10 tax refunds are typically issued within 21 days our less from acceptance when you e-file and direct deposit, you don’t have to play the waiting game with TurboTax Refund Advance.
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: Mid to Late-January 2020
While the IRS e-file open date is not yet confirmed for tax year 2020, the IRS usually starts accepting returns in mid to late January. We will keep you up to date with the IRS e-file open date once it is announced by the IRS.
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: April 15, 2021
April 15 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: April 15, 2021
It’s not just Tax Day! If you haven’t maxed out your IRA contribution for 2020, you can make a 2020 IRA contribution by April 15, 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 or CPA with an average of 12 years experience to get your tax questions answered. TurboTax Live tax experts and CPAs are available in English and Spanish and can also review, sign, and file your tax return.