On March 17, 2021, the Treasury Department and the Internal Revenue Service announced the tax filing and payment deadline for submitting individual 2020 tax returns has been automatically extended from April 15, 2021 to May 17, 2021.
The extended deadline means that individuals may delay filing and paying their 2020 taxes. Individual taxpayers may also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021 without penalties and interest, regardless of the amount owed. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17, 2021.
The May 17, 2021 extension now affords taxpayers more time to fund or top up their health savings accounts for tax year 2020. Contributions must be made on or before May 17, 2021.
Members of the UC Health Savings Plan who have yet to maximize their contributions for the 2020 tax year, may do so online via the HealthEquity Member Portal or by sending a check directly to HealthEquity. For assistance, participants may contact the HealthEquity Member Services Team at (866) 346-5800 – available 24/7.
Please note that the State of California Franchise Tax Board has matched the relief provided by the federal government and has also postponed the income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. Individual taxpayers who pay their 2020 taxes in full by May 17, 2021 will not be subject to penalties and interest.
Since regulations do not allow the University of California to provide financial advice; plan participants should consult a tax professional and/or other qualified personnel.
The May 17, 2021 extension now affords taxpayers more time to fund or top up their health savings accounts for tax year 2020. Contributions must be made on or before May 17, 2021.
Members of the UC Health Savings Plan who have yet to maximize their contributions for the 2020 tax year, may do so online via the HealthEquity Member Portal or by sending a check directly to HealthEquity. For assistance, participants may contact the HealthEquity Member Services Team at (866) 346-5800 – available 24/7.
Please note that the State of California Franchise Tax Board has matched the relief provided by the federal government and has also postponed the income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. Individual taxpayers who pay their 2020 taxes in full by May 17, 2021 will not be subject to penalties and interest.
Since regulations do not allow the University of California to provide financial advice; plan participants should consult a tax professional and/or other qualified personnel.