IRS Extends HSA Contribution Deadline

The IRS recently released Notice 2021-21 postponing the due date for Federal income tax returns to May 17th, 2021. This postponement means the deadline for making 2020 contributions to health savings accounts (HSAs) has extended to May 17th, 2021 as well.

This allows individuals who may not have been able to contribute the amount desired in 2020 due to difficult circumstances brought on by the COVID-19 pandemic extra time to make those contributions.

Along with this contribution extension for participants, the due date for filing and furnishing form 5498-SA is now June 30th, 2021.  This means that your 5498-SA will be available to you on June 30, 2021.  You will be able to access through your Proficient Connect portal. As a reminder, you do not need this form to file your taxes.

If you have any questions regarding this extension, contact our office. We are here to help.

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