Oct. 15, 2021 is the last day for filing several types of income tax returns for 2020 (extended). Here are the details on what actions you need to take before October 15.

What’s due 10/15?

2020 individual income tax returns. Individual taxpayers who requested an extension to file their 2020 individual income tax return must file that return on or before 10/15. While the IRS extended the initial filing date from April 15 to May 17, the extended deadline has not changed.

2020 calendar year corporate income tax returns. Calendar year corporate taxpayers that requested an extension to file their 2020 corporate income tax return must file that return on or before 10/15.

2020 calendar year electing large partnership income tax returns. Calendar year electing large partnerships that requested an extension to file their 2020 income tax return must file that return on or before the Oct. 15 deadline.

Recharacterizations of IRAs. Are you looking to recharacterize a Roth IRA contribution to a regular IRA? An individual on a calendar year basis has through Oct. 15 of Year 2 to elect to recharacterize an IRA contribution made, provided he/she meets the requirements for an automatic extension of the election period. At the IRS’ discretion, non-automatic contributions are available as well.

2020 income tax return for taxpayers living and/or working abroad. Are you a U.S. citizen or resident alien residing overseas, or in the military on duty outside the U.S.? On the regular due date of your return, you are allowed an automatic 2-month extension to file your return and pay any amount due without requesting an extension. For a calendar year return, the automatic 2-month extension is to June 15.

If you qualify for the 2-month extension but are unable to file your return by the automatic 2-month extension date, you can request an additional extension to October 15 by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, before the automatic 2-month extension date.

There is an additional discretionary two-month extension of time to file your return to December 15 for taxpayer living and/or working abroad if you cannot meet the October 15 deadline. To request it you must send a letter to the IRS by October 15 with an explanation of the reasons for requesting the extra time.

Extended due date for 2020 FBAR returns. Do you have foreign accounts with an aggregate value that exceeded $10,000 during 2020? You must file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (i.e., FBAR). The FBAR filing deadline is the same as for a federal income tax return but if you missed the original deadline, you have an automatic extension until Oct. 15, 2021 to file the FBAR.

Extended rollover period for a qualified plan loan offset amount. Taxpayers who filed their 2020 tax returns by May 17, 2021 have until October 15, 2021 to roll over all or any portion of a qualified plan loan offset (QPLO) amount to an eligible retirement plan.

Questions on your filing requirements? Contact us.