We no longer support this browser. Using a supported browser will provide a better experience.

Please update your browser.

Close browser message

Wealth Planning

Changes to U.S. tax filings

Your quick guide to what’s different in 2021—and what’s stayed the same.


Key Takeaways:

  • May 17 is the new deadline for U.S. taxpayers to file their 2020 U.S. income tax returns and pay their U.S. income taxes due.
  • Individuals affected by the early February storms in Texas, Oklahoma and Louisiana have until June 15 to file their U.S. income tax returns and pay their income taxes due. 
  • This information is current as of March 30, 2021. The IRS may provide additional guidance in the coming days, and this article will be updated as new information is released. Be sure to speak with your tax advisors before taking any action.

Tax-Filing Changes

Relief for individual U.S. taxpayers: the IRS will allow individuals (including those who pay self-employment tax) to defer filing 2020 U.S. income tax returns and paying 2020 U.S. income taxes due until May 17 without interest or penalties. Individual taxpayers may go on extension until October 15, but interest and penalties for any underpayment of 2020 U.S. income tax liability will begin to accrue as of May 18.  If you expect to receive a U.S. income tax refund, you should file as soon as possible, so that your refund can be issued; you will not receive a refund until your return is filed.

In addition, individuals can defer making 2020 contributions to IRAs, health savings accounts, medical savings accounts and Coverdell accounts until May 17.

Relief for victims of early February winter storms: Individuals in Texas, Oklahoma and Louisiana affected by the early February storms have until June 15 to file their U.S. income tax returns, pay U.S. income taxes due, and make April 2021 estimated quarterly tax payments.  In addition, they have until June 15, not May 17, to make 2020 IRA contributions.

What stayed the same?

2021 estimated quarterly tax payments: Except for those affected by the February winter storms as described earlier, April payments remain due on April 15, 2021; they may not be deferred until May 17.

Tax deadline for non-individual taxpayers: The U.S. income tax filing and payment deadline deferrals do not apply to trusts, estates, partnerships, corporations and other non-individual taxpayers.

State income tax return filings and tax payments: State and municipal taxes are not automatically affected by the IRS’ deadline changes. Some jurisdictions, such as New York and New Jersey, have already announced that they would generally extend filing and payment deadlines to conform to the IRS changes.  In all cases, however, you should check with your state or local governments, or your tax advisor.

SEP-IRA setup: The IRS has not yet explained whether the U.S. income tax filing and tax payment deadline extensions also apply to the deadline to set up a SEP-IRA for 2020.  You should not delay setting one up past the normal deadline without first speaking with your tax advisor.

We’re here to help

We expect the IRS to issue additional guidance on this tax deferral announcement and to address a number of open questions, so be sure to check in with your tax advisor to understand how this relief applies to you.  In partnership with you and your tax advisors, your J.P. Morgan team can help you identify the right solution for your long-term goals.

 

 

 

 

Important Information

This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). The views and strategies described in the material may not be suitable for all investors and are subject to investment risks. Please read all Important Information.

JPMorgan Chase & Co. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on, for tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors for advice before engaging in any transaction.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal Entity and Regulatory Information. J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

© 2021 JPMorgan Chase & Co. All rights reserved

Wealth Planning

Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck

To learn more about J. P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our  J.P. Morgan Securities LLC Form CRS and  Guide to Investment Services and Brokerage Products.

This website is for informational purposes only, and not an offer, recommendation or solicitation of any product, strategy service or transaction. Any views, strategies or products discussed on this site may not be appropriate or suitable for all individuals and are subject to risks. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. 

This website provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Equal Housing Opportunity logo

J.P. Morgan Chase Bank N.A., Member FDIC Not a commitment to lend. All extensions of credit are subject to credit approval 

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Please read additional Important Information in conjunction with these pages.