Postponed Deadlines for Time-Sensitive Acts For Disaster Victims in Connecticut

(November 3, 2021) “Affected taxpayers" who are victims of certain federally declared disasters are eligible for postponed deadlines for the completion of eligible time-sensitive acts, many of which are related to IRAs, employer plans, HSAs, or Coverdell ESAs, when the original deadline falls within a given time period. For example, an affected taxpayer of the Tennessee severe storms and flooding who was to remove a 2020 Traditional IRA excess contribution along with the net income attributable by October 15, 2021, now has until January 3, 2022, to complete the transaction.

Affected Taxpayers Eligible for Postponed Deadlines
The chart below summarizes recent disaster areas (as of November 3, 2021), in which affected taxpayers qualify for postponed time periods to complete eligible time-sensitive acts. This list includes the most recent addition of the relief for victims of Hurricane Ida in parts of Connecticut. Up-to-date details of who is considered an affected taxpayer for each declaration can be found here.

Disaster Area

 

Deadlines During this Time Period

Postponed Deadline to Complete Acts

Michigan severe storms, flooding and tornados

 

On/after June 25, 2021, and before November 1, 2021

 

November 1, 2021

 

California wildfire

 

On/after July 14, and before November 15, 2021

November 15, 2021

North Carolina Tropical Storm Fred

On/after August 16, 2021, and before December 15, 2021

December 15, 2021

Tennessee severe storms and flooding

 

On/after August 21, 2021, and before January 3, 2022

 

January 3, 2022

 

Louisiana Hurricane Ida

 

On/after August 26, 2021, and before January 3, 2022

 

January 3, 2022

 

Mississippi Hurricane Ida

 

Expanded Relief Mississippi Hurricane Ida (Any jurisdiction added to the Oct. 22 FEMA declaration will automatically receive expanded IRS relief

 

 

On/after August 28, 2021, and before November 1, 2021

 

 

On/after August 28, 2021, and before January 3, 2022

 

 

November 1, 2021

 

 

January 3, 2022

 

 

Pennsylvania Hurricane Ida

On/after August 31, 2021, and before January 3, 2022

January 3, 2022

New Jersey and New York Hurricane Ida

 

On/after September 1, 2021, and before January 3, 2022

January 3, 2022

Connecticut Hurricane Ida

On/after September 1, 2021, and before January 3, 2022

January 3, 2022

Time-Sensitive Acts
The time-sensitive acts identified that are eligible for the extended deadline include any action listed in either Treasury Regulation 301.7508A-1(c)(1) or Revenue Procedure 2018-58. Some of the time-sensitive acts relating to IRAs, employer retirement plans, HSAs and Coverdell ESAs with a due date that falls within these timeframes may include but are not limited to the following transactions.

IRAs

  • Withdraw required minimum distributions
  • Determine an employee’s designated beneficiaries in the year following the employee’s death (certain timing requirements apply)
  • Complete rollovers including an IRA-to-IRA 60-day rollover, a 60-day indirect rollover from an eligible employer plan to an IRA, a rollover within 120 days of a first-time home distribution withdrawn from an IRA that meets certain requirements, and a rollover of a wrongful IRS levy of an IRA or employer retirement plan
  • Use IRA distributions within 120 days of the distribution to qualify for the first-time homebuyer early distribution penalty exception
  • Repay qualified reservist distributions
  • Withdraw substantially equal periodic payments from an IRA
  • Make a qualified disclaimer
  • Certain QLAC transactions
  • Make SEP and SIMPLE IRA contribution for the 2020 tax year
  • Remove an IRA excess contribution with earnings attributable to avoid the 6% excess contribution penalty
  • Recharacterize a Traditional or Roth IRA contribution

HSAs

  • Complete a 60-day HSA-to-HSA rollover

Coverdell ESAs

  • Complete a ESA-to-ESA 60-day rollover

Qualified Plans

  • Make corrective distributions of excess deferrals, excess contributions, and excess aggregate contributions
  • Make timely permissible withdrawals of unwanted deferrals under an eligible automatic contribution arrangement (EACA)
  • File form 5500
  • Make plan loan repayments “quarterly or more frequently”
  • Make an indirect rollover of an eligible rollover distribution (ERD)

All Stories

2025 HSA COLAs Issued
HSA-Compatible HDHPs May No Longer Pay COVID-19 Related Expenses
2024 HSA COLAs Issued
2022 HSA Contribution Deadline
2023 HSA COLAs Issued
HSA Legislation Proposed
Postponed Deadlines for Time-Sensitive Acts for Victims of Tennessee Severe Storms, Straight-Line Winds and Tornadoes
Postponed Deadlines for Time-Sensitive Acts for Victims of Washington Flooding and Mudslides
Postponed Deadlines for Time-Sensitive Acts for Victims of Colorado Wildfires & Straight-Line Winds
Postponed Deadlines for Time-Sensitive Acts for Alabama & Arkansas Storm Victims
Postponed Deadlines Extended Further for Hurricane Ida Victims
Postponed Deadlines for Time-Sensitive Acts for Illinois & Tennessee Tornado Victims
Postponed Deadlines for Time-Sensitive Acts for Kentucky Storm Victims
Postponed Deadlines for Time-Sensitive Acts for Certain Disaster Victims Extended
Postponed Deadlines for Time-Sensitive Acts For Disaster Victims in Connecticut
Postponed Deadlines for Time-Sensitive Acts For Disaster Victims
IRS Proposes Amending Electronic Filing Requirements for Certain Information Returns
Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For West Virginia Storm Victims
Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For Tennessee Storm Victims
2022 HSA COLAs Issued
IRS Announces Additional Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts
IRS Confirms Postponed Deadlines for IRA/HSA/ESA Contributions and Form 5498 Series Filing
PPE Considered Qualified Medical Expense
IRA & HSA Contribution Deadline Presumably Extended to May 17th
IRS Announces Postponed Deadlines for Time-Sensitive Acts for Texas & Louisiana Winter Storm Victims
IRS Announces Postponed Deadlines for Time-Sensitive Acts for Oklahoma Winter Storm Victims
DOL Announces New Investment Advice Rule Will Go Into Effect on February 16, 2021
Proposed Legislation Would Expand Access to HSAs
2019 IRS Form 5498-SA Deadline Further Postponed to August 31, 2020
2021 HSA COLAs Issued
Retroactive Effective Date Provided for Exemption for HDHPs
Form 5498-SA Deadline Extended Until July 15th
Treasury Extends Deadlines for HSA Time-Sensitive Acts
IRS’s National Distribution Center is Closed
IRS Issues Additional Coronavirus Relief Including 60-Day Rollover Relief
UPDATE: President Trump Signs the CARES Act!
Massive $2 Trillion Federal Stimulus Package Will Immediately Impact Retirement Providers
House of Representatives Approves the CARES Act
Senate Unanimously Passes the CARES Act
IRS FAQs Confirms July 15th Contribution Deadline
IRS Confirms July 15th Tax Filing Deadline
Contribution Deadline Extended to July 15th
IRS Confirms HSA Contribution Deadline Remains April 15th
Tax Payment Deadline Extended; Tax Filing Deadline & HSA Contribution Deadline Unchanged
HSA-Compatible HDHPs May Pay COVID-19 Related Expenses
Publication 969 Posted
Definition of Preventive Care Expanded
Executive Order Provides Directive for Changes to HSAs
2020 HSA COLAs Issued
IRS Elaborates on Employers Recouping Contributions
2018 HSA Contribution Deadline April 15th For Most; Extended For Some
2019 Instructions for Forms 1099-SA and 5498-SA Posted
IRS Releases 2019 HSA Reporting Forms
IRS Proposes Changes to Requirements for Filing Information Returns Electronically
2019 HSA COLAs Issued
HSA Family Contribution Reverted To $6,900
HSA Contribution Clarification & Transition Relief
5th Circuit Court of Appeals Strikes Down DOL Fiduciary Rule
2018 HSA Family Contribution Limit Reduced
Publication 969 Posted
2017 HSA Contribution Deadline
HSA Changes Included In House Healthcare Bill
Publication 969 Posted
HSA Model Documents Posted
2016 HSA Contribution Deadline
2017 HSA COLAs Issued
HSA Enhancements Proposed in Bill
Publication 969 Posted
IRS Updates HSA-Related Forms
Publication 502 Posted
2015 HSA Contribution Deadline Reminder
IRS Releases 2016 HSA Reporting Forms
2016 Instructions for Forms 1099-SA and 5498-SA Posted
IRS Posts 2015 Form 8889
IRS Releases 2015 Instructions for Form 8889
HSA Eligibility Rules Change for Individuals Receiving VA Benefits
EBRI Study Examines HSA Investment Options
2016 HSA COLAs Issued
Publication 969 Posted
IRS Notice Clarifies Obamacare HSA Preventive Care Issue

This website and its content is copyright of Convergent Retirement Plan Solutions, LLC - © Convergent Retirement Plan Solutions, LLC, 2024. All rights reserved. Disclaimer | Privacy Policy | Terms of Use
Convergent Retirement Plan Systems, LLC - visit website
IRA Stuff - Visit Site