Does the tax deadline extension affects Roth IRA and HSA Contributions?

Hello all,

Without confirming first, I contributed to my Roth IRA And HSA after April 15. Since the 2020 taxes deadline was extended, I assumed I was still able to contribute to both. However, I didn’t receive a form to report my contribution. For example, I have a Form 5498SA for HSA, which is only an informational report that I made a contribution to 2020 in my HSA account. From my understanding, it doesn’t give a tax break, as form 8889 would. If anyone would know or where I can look for answers if the contribution deadline was extended like the filing taxes deadline was? If not, would there be a tax penalty since I was given the option to contribute regardless?

If the contribution deadline was also extended, I am expected to receive forms to report it on my taxes, right?

Hi Jeffrey,

Yes, the IRS has clarified that those deadlines have moved to May 17th, 2021 as well. Regarding the forms and tax breaks, I’d probably talk to your brokerage where you hold the HSA/IRA or your tax preparer to make sure you get the correct tax break! :slight_smile:

Jeremy

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