Tornado Disaster Relief
ComplianceTax & AccountingApril 19, 2022

IRA, HSA, and CESA regular contributions for 2021: Disaster relief extension for some

On Monday, April 18 the Internal Revenue Service (IRS) posted a reminder of extensions of time to file tax returns for certain individuals. This includes an extension of time for eligible taxpayers to make individual retirement account (IRA), Health Savings Account (HSA), and Coverdell Education Savings Account (CESA) contributions for 2021.

Specifically, eligible persons in Arkansas, Illinois, Kentucky, and Tennessee have additional time to file taxes and contribute to an IRA, HSA, or CESA as the result of tornadoes and flooding that took place in December of last year. Additionally, eligible persons in Colorado have additional time to file taxes and contribute to an IRA, HSA, or CESA as the result of wildfires and straight-line winds that began in late December of last year. Finally, eligible persons in Puerto Rico have additional time to file taxes and contribute to an IRA, HSA, or CESA as the result of severe storms, flooding, and landslides that took place in February of this year.

You’ll find on the Wolters Kluwer Expert Insights page individual posts for many of the disaster declarations described above. Please go to wolterskluwer.com and search using the specific state’s name.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider the Wolters Kluwer IRA Library or on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or you can call us at 1-800-552-9408.
Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 24 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.
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