Silver Lining for Texas Winter Storm Victims – HSA Contribution Deadline Extended Until June 15, 2021

February 26, 2021

Individuals and households that reside or have a business in Texas or Oklahoma will now have until June 15, 2021, to file their individual income and business tax returns and pay any taxes that were originally due before June 15, thanks to a February 22 announcement by the Internal Revenue Service.  This includes 2020 individual tax returns usually due on April 15, as well as some 2020 business returns due on March 15.  It also means that affected taxpayers will have until June 15 to make HSA contributions for 2020, as well as withdraw any excess contributions for 2020 without penalty.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.  The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area.  Taxpayers do not need to contact the agency to get this relief.  However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty removed.

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