Six Tax Deadlines for October 2023
You might know about the federal tax return extension deadline, but did you know about these other tax deadlines for Oct.16?
The Oct. 16 federal tax extension deadline has passed, but it’s not the only one. Several other tax deadlines fall on the same day. Missing one of these deadlines might cause you to miss out on tax savings. Missing others could result in financial penalties.
Here’s what you need to know about every tax deadline for Oct. 16.
Federal tax deadline extensions
Federal tax returns for 2022 were originally due April 18. However, if you were granted a tax extension by the IRS, you needed to file by Oct.16. Failing to file by the deadline could result in a failure-to-file penalty of 5% of taxes due for every month (or partial month) that your return is late.
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The failure-to-file penalty is separate from late payment penalties. Payments for 2022 federal tax returns were due on April 18, whether or not you were granted a federal tax extension. So, if you haven’t paid your taxes yet, you should as soon as possible. The IRS offers several options for paying taxes, even if you can’t pay the full amount.
Can you avoid a late filing penalty? The IRS won’t impose a failure-to-file penalty if you had no tax liability for last year or are due a tax refund. Also, if you lived or had records in a federally declared disaster area, your tax filing extension deadline may be after Oct. 16.
Federal tax extensions for disaster areas
Some taxpayers have until Oct. 16 to file federal tax returns, even if they didn’t request a filing extension. Taxpayers impacted by federally declared disasters in parts of Georgia and Alabama were automatically granted an Oct. 16 federal tax filing extension. The IRS also granted taxpayers eligible for the relief more time to make certain contributions and tax payments.
- 2023 estimated tax payments originally due on April 18, June 15 and Sept. 15 are due Oct. 16.
- Affected taxpayers have until Oct. 16 to make contributions to HSAs and IRAs.
- Quarterly payroll and excise tax returns originally due on Jan. 31, April 30 and July 31 are due Oct. 16.
Not all taxpayers in Georgia and Alabama qualify for the automatic Oct. 16 tax deadline extensions. You can check the IRS’ disaster relief page for more information.
(Note: The IRS initially extended the tax deadline for taxpayers in parts of California to Oct. 16, but this deadline has been postponed to Nov. 16.)
State tax deadline extensions
Most state tax extension deadlines are also due Oct. 16. Some states, such as Alabama and Kansas, grant automatic tax extensions if you request a federal filing extension.
However, not all states do, and the tax extension deadlines for some states can fall after Oct. 16. For example, the extended tax deadline for Louisiana state personal income tax returns isn’t until Nov. 15.
Here are a few other exceptions to the October 16 tax deadline:
- The extended tax deadline in New Hampshire is Nov. 15.
- The extended tax deadline in Virginia is Nov. 1.
Exceptions may apply for deadlines that fall after Oct. 16. For example, some states won’t grant a filing extension if you owe tax. So, it’s important to check with your state’s Department of Revenue before waiting to file your state tax return.
SEP IRA contribution deadline
If you filed for a federal tax extension, you have until Oct.16 to make contributions to your employee’s 2022 SEP IRA accounts. That’s because the contribution deadline for this type of IRA aligns with your federal income tax return deadline, including any granted extensions.
Making contributions to this type of IRA may lower your tax liability since you can claim them as a tax deduction on your return. However, it’s important to keep in mind that the IRS only allows you to deduct up to 25% of employee compensation or the amount of your contributions, whichever is less.
Solo 401(k) contribution deadline
Self-employed taxpayers who requested a federal tax filing extension have until Oct. 16 to contribute to solo 401(k) accounts. Just make sure you don’t exceed these contribution limits if you choose to make additional contributions:
- $61,000 or 25% of your net adjusted self-employment income, whichever is less
- If making catch-up contributions and are 50 or older, $67,500 or 25% of your net adjusted self-employment income, whichever is less
Correct excess IRA contributions
If you accidentally made excess IRA contributions (also known as ineligible contributions) last year, and you were granted a federal tax extension, you still have time to correct the mistake (if you act quickly). And since the IRS will tax you 6% on the excess in your account, you’ll want to withdraw the excess funds before the Oct. 16 deadline.
Here are the 2022 contribution limits for traditional IRAs and Roth IRAs.
- For taxpayers less than 50 years, $6,000 or your taxable compensation for 2022, whichever is less
- For taxpayers 50 and older, $7,000 or your taxable compensation for 2022, whichever is less
Tax deadline time
You have all day today (October 16) to meet the above-mentioned tax deadlines since taxes aren't due until the end of the day (midnight). That means you'll want to have your return filed by 11:59 tonight. However, any documents you send via regular mail must be postmarked by today, which means you must visit your post office before it closes.
Regardless of whether you are mailing documents or submitting them electronically, it's not possible to predict exactly how long it will take to complete all your forms, so the sooner you file (or make or correct contributions), the better.
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