Anyone with a 2019 federal income-tax return or payment normally due on April 15, 2020, can use the extension. That includes corporations, trusts, and estates. Note that the extension applies to gift and generation-skipping taxes as well. If taxes are paid by the due date, income and gift tax returns may file for an extension to October 15, 2020. Estate tax-return due dates and payments did not change.
The taxpayer does not have to be sick, quarantined, or otherwise directly affected by COVID-19. All taxpayers filing 2019 income, gift, and generation-skipping tax returns, or making income, gift, and/or generation-skipping tax payments, are eligible.
These are also payments that must be made by the income tax due date, so the extension applies to them as well. Thus, the deadline for 2019 contributions is July 15, 2020.
Alert: State, county, and municipal tax payment deadlines may not change! Clients should check with their state and local tax jurisdictions.
The extension of the deadline for IRA and qualified account contributions creates an excellent opportunity for clients to keep saving—and recent market volatility may make protecting a portion of the account a part of the conversation.
For additional information about IRS Notice 2020-18 and the associated Q&A, please contact the Retirement Strategies Group at (800) 722-2333, or email us at RSG@PacificLife.com.
Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company. Variable and fixed annuity products are available through licensed third parties.
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