Tax Day 2022 is Monday, April 18, 2022 for most individual taxpayers. Some taxpayers in certain natural disaster areas are allotted more time to file depending on the disaster.
Tax Return Extension
An extension of time to file a Federal individual return is required by Tax Day. Filing an extension provides for an automatic six-month tax extension to October 17, 2022. The extension is an extension to file and does not extend the time to pay your tax. Taxes unpaid on April 18, 2022 are considered late and will incur interest and penalties until the time you file your 2021 return.
Additional extensions may be required for your resident state. Filing requirements and due date vary state to state.
Tax-Deductible IRA Contributions
For 2021, the IRA contribution limit is $6,000 for taxpayers. For taxpayers taxpayers 50 and older, there is an additional catchup contribution of $1,000. Contributions for the 2021 tax year can be made until April 18, 2022.
You may be able to get a tax deduction for your IRA contribution. If you are covered by an employer’s qualified retirement plan (such as a 401(k) or 403(b)), your deduction may be limited if you income is too high.
Withdrawals of IRA Contributions
For those taxpayers that do not qualify to make contributions to a Roth IRA or for taxpayers that receive no tax benefit from a Traditional IRA contribution, they can withdraw their Traditional or Roth Contributions up until April 18, 2022 for tax year 2021.
Health Savings Account Contributions
For 2021, the Health Savings Account contributions are limited to $3,600 for a single-only plans or $7,200 for a family plan. For individuals who are 55 and older, there is an additional catchup contribution of $1,000. Contributions for the 2021 tax year can be made until April 18, 2022.
