2020 tax filing & payment and HSA contribution deadlines extended

Text

The federal income tax filing deadline has been extended from April 15, 2021 to May 17, 2021 (IRS-2021-59). Taxpayers can also defer federal income tax payments from April 15, 2021 to May 17, 2021 without normal penalties and interest regardless of the amount owed. This deadline extension only applies to federal taxes; individuals should check their state’s tax filing deadline as it may vary by state.

The amount of time that individuals have to make 2020 health savings account (HSA) contributions has also been extended to May 17 (IRS 2021-21). This notice also extends the due date for Form 5498-SA to June 30, 2021.

The HSA contributions deadline extension will not impact any 2020 IRS 1099-SA forms necessary for filing taxes, which show 2020 HSA distributions.
2020 IRS form 5498-SA (informational only; not required for filing taxes) will be updated for any 2020 HSA contributions made through the May 17 contribution and filing deadline.
If you have already filed your 2020 taxes or have additional questions regarding tax impact, please consult a tax professional.
Use this additional time to build up your HSA balance so that funds are ready and available when you need them. Your HSA contributions are also tax-deductible up to the yearly limit.

We advise you to speak with your tax or benefits counsel regarding interpretation of the legislation.

Text

Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. For details and disclosures visit betterment.com. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.

Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.

Health savings accounts (HSAs) are individual accounts offered through Optum Bank^®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account.

Flexible spending accounts (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, “Employer-Sponsored Plans”) are administered on behalf of your plan sponsor by Optum Financial, Inc. or ConnectYourCare, LLC (collectively, "Optum Financial") and are subject to eligibility and restrictions. Employer-Sponsored Plans are not individually owned and amounts available under the Employer-Sponsored Plan are not FDIC insured. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.

Google Play and the Google Play logo are trademarks of Google LLC. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.

The promotional code OPTFSA7, OPTHSA5 and OPTHRA7 cannot be applied to previously placed orders, and cannot be combined with other promotional codes. Additionally, the code cannot be used for prescription drugs or virtual care visits. Promotional codes are not transferable or redeemable for cash or credit. To apply a promotional code you must enter it prior to completing the order.

Free and expedited shipping offers do not apply to shipping outside of the contiguous United States. Additional shipping restrictions may apply.

The Optum Store is an affiliate of the UnitedHealth Group family of companies.

Your employer sponsored plan may exclude reimbursement for certain categories of items. Check your plan document and summary plan description or contact your benefits department for specific coverage details.

Top