BEG, BORROW OR STEAL – GET SOME MONEY INTO YOUR IRAs
In a rare but welcome move, the IRS has granted all Florida residents an automatic extension on their federal income tax filings and payments due to the statewide impacts of Hurricanes Milton, Helene, and Debby. If you’re living in the Sunshine State, mark your calendar: you now have until May 1, 2025, to file your federal tax return and make IRA contributions for the 2024 tax year.
β³ New Deadlines at a Glance
| Item | Original Deadline | New Extended Deadline |
|---|---|---|
| Federal Income Tax Return | April 15, 2025 | May 1, 2025 |
| IRA Contributions | April 15, 2025 | May 1, 2025 |
| Q1 Estimated Tax Payment | April 15, 2025 | May 1, 2025 |
| Q4 2024 Estimated Payment | January 15, 2025 | May 1, 2025 |
π° IRA Contribution Limits for 2024
- Traditional and Roth IRAs
- $7,000 if you’re under age 50
- $8,000 if you’re age 50 or older (catch-up contribution)
This means you get a few extra weeks to top off your retirement savingsβand possibly lower your tax bill in the process.
π Automatic Extension β No Action Needed
The extension is automatic for anyone with a Florida address on file with the IRS. There’s no need to apply, call, or fill out extra forms. If you’ve been affected by the storms, youβre covered.
ποΈ Whatβs Covered by This Relief?
The IRS relief package includes:
- 2024 federal individual and business tax returns
- Quarterly estimated tax payments
- Payroll and excise tax returns
- Contributions to IRAs and other eligible retirement plans
- Filing for tax-exempt organizations (e.g., nonprofits)
If you already filed for an extension to October 15, 2024, your new effective deadline is also pushed to May 1, 2025.
π Important Note: This Does Not Delay Payment Beyond May 1
Even if you file for an additional extension (using Form 4868) to push your return filing to October 15, 2025, any tax owed is still due by May 1 to avoid penalties and interest.
π What If You Receive a Late Penalty Notice?
If you do get a penalty notice for something originally due during this grace period, donβt panic. The IRS says to call the number on the notice, and theyβll work with you to waive the penalty.
π§ Final Thoughts: Donβt Procrastinate
This extension is a gift, not a reason to delay indefinitely. Use this time wisely to:
- Maximize your IRA contributions
- Get your paperwork in order
- Meet with a tax advisor if needed
Florida residents, youβve got a little breathing room. Make the most of it.
Yes, several states beyond Florida have received federal disaster declarations from the IRS in 2024 and 2025, resulting in extended tax deadlines for affected individuals and businesses. These extensions are typically granted to areas impacted by hurricanes, wildfires, floods, and other significant disasters.ξ
ποΈ States with Extended IRS Tax Deadlines
ξHere are some states where taxpayers have received automatic extensionsξξ
- Florida:ξAll counties have an extended deadline to May 1, 2025, due to Hurricanes Milton, Helene, and Debbyξξ
- Georgia:ξCertain counties affected by Hurricanes Debby and Helene also have the May 1, 2025 deadlineξξ
- California:ξAreas impacted by wildfires have deadlines extended to October 15, 2025ξξ
- Kentucky:ξRegions affected by severe storms and flooding have until November 3, 2025, to fileξξ
- West Virginia:ξStorm-affected areas also have a deadline of November 3, 2025ξξ
- Alabama:ξSome counties have received extensions to May 1, 2025, due to various disastersξξ
- New Mexico:ξChaves County residents affected by severe storms and flooding have until May 1, 2025, to fileξξ
- Alaska:ξTaxpayers in certain areas impacted by flooding have deadlines extended to May 1, 2025ξξ
- Illinois:ξParts of the state affected by severe storms and flooding have until February 3, 2025, to fileξξ
- Hawaii:ξMaui wildfire victims have received penalty relief and extended deadlinesξξ ξThese extensions apply to various tax filings, including individual and business returns, estimated tax payments, and certain payroll and excise tax filingsξξ
β How to Check If You Qualify
To determine if you’re eligible for an extended tax deadline:
- Check the IRS Disaster Relief Page:ξVisit the IRS Disaster Relief page for the most up-to-date information on affected areas and deadlinesξξ
- Review FEMA Declarations:ξThe IRS bases its relief on FEMA disaster declarations. You can verify if your area has been declared a disaster zone by visiting FEMA’s Disaster Declarationsξξ
- Contact the IRS:ξIf you believe you qualify but your area isn’t listed, call the IRS disaster hotline at 866-562-5227 for assistanceξξ ξRemember, these extensions are automatic for taxpayers with an IRS address of record in the disaster areaξξNo additional action is required to receive the reliefξξ
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