4 Tax Deadlines That Fall in April — and the High Price of Blowing Them

Photo by Create Jobs 51 / Shutterstock.com

Your 2018 federal tax return is due April 15 — or April 17 if you live in Maine or Massachusetts, due to regional holidays. But either way, this is just one of several tax deadlines that are almost here.

It’s easy to forget about the other IRS deadlines that fall on or around Tax Day, which can also be costly.

So, take a look at the following tax deadlines — and the price you could pay for missing any. They all fall during this month.

Return extension deadline

Can’t file your return on time? You can get an automatic six-month extension by filing IRS Form 4868, titled “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.” But you must do so by April 15 or, if you live in Maine or Massachusetts, April 17.

Just note that this only extends the deadline for filing your return. You still must pay what you estimate you owe by Tax Day.

If you miss this deadline: You’re practically asking for a fine if you neither file a return nor request an extension on time. Ditto if you don’t pay on time. The IRS levies both a failure-to-file penalty and a failure-to-pay penalty — plus interest — as we detail in “9 Awful Things That Could Happen If You Don’t Pay Your Taxes.”

HSA contribution deadline

The deadline for putting money in a health savings account (HSA) for tax year 2018 — the year that matters when thinking of this season’s tax deadlines — is April 15, according to the IRS.

If you’re eligible to contribute to one of these tax-sheltered accounts, the maximum amount of money that you can stash in an HSA for 2018 is $3,450 for taxpayers with self-only health insurance coverage and $6,900 for those with family coverage.

If you miss this deadline: You can only contribute so much money to an HSA each year. So, if you blow the contribution deadline, you will have passed up one of a finite number of chances to add money to a tax-advantaged account.

IRA contribution deadline

The deadline for putting money in an individual retirement account (IRA) for tax year 2018 is April 15, says the IRS.

The IRA contribution limit for 2018 is $5,500 for people age 49 and younger. It’ a total of $6,500 — which includes a “catch-up” contribution of up to $1,000 — for those age 50 and older.

If you miss this deadline: As with HSAs, you will have passed up one of a finite number of chances to add savings to a tax-advantaged account.

Excess IRA contribution withdrawal deadline

The IRS also imposes a deadline by which excess IRA contributions must be withdrawn. This deadline is the due date of your tax return, including extensions, according to the federal agency.

In other words, if you contributed more than the IRS allows to IRA accounts for tax year 2018 — the $5,500 or $6,500 cap mentioned above — you’re running out of time to withdraw the excess amount.

If you miss this deadline: Uncle Sam will penalize you — to the annual tune of 6 percent of the excess amount left in your IRAs.

Find the right financial adviser

Finding a financial adviser you can trust doesn't have to be hard. A great place to start is with SmartAsset's free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.

If you're ready to be matched with local advisers who will help you reach your financial goals, get started now.

Read Next
14 Uses for WD-40 That Save Money, Time or Headaches
14 Uses for WD-40 That Save Money, Time or Headaches

WD-40 is handy in a lot more situations than you likely realize.

15 Painless Ways You Can Cut Costs in 2020
15 Painless Ways You Can Cut Costs in 2020

Follow these tips to save — so you’ll have money for things that really matter.

Retirees Can Dodge Taxes on These 9 Types of Income
Retirees Can Dodge Taxes on These 9 Types of Income

There are lots of things Uncle Sam can’t touch — so long as you play by the rules.

7 Kitchen Gadgets That Make Healthy Cooking a Breeze
7 Kitchen Gadgets That Make Healthy Cooking a Breeze

These small appliances and cooking aids make healthy eating easy — and they’re all available on Amazon.

7 Unexpected Perks of Downsizing as a Retiree
7 Unexpected Perks of Downsizing as a Retiree

Downsizing your home offers many benefits, including some you may not have anticipated.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
This Gas Station Scam Is Victimizing More Drivers
This Gas Station Scam Is Victimizing More Drivers

For the second straight year, a growing number of Americans believe they’ve fallen prey to this scam.

This Is the Most Popular Age for Claiming Social Security
This Is the Most Popular Age for Claiming Social Security

Both men and women are most likely to start receiving Social Security benefits at this age.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?
Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?

You could save more than $30,000 by setting aside these costly expenses for just one year.

6 Things You Should Never Buy at Trader Joe’s
6 Things You Should Never Buy at Trader Joe’s

We love Trader Joe’s for plenty of reasons. But think twice about this handful of products.

Don’t Toss These 7 Household Items — Sell Them
Don’t Toss These 7 Household Items — Sell Them

Here’s how to earn cash as you give new life to these unwanted items.

6 Legal Documents Retirees Need — but Don’t Have
6 Legal Documents Retirees Need — but Don’t Have

Few retirees have these documents that are crucial to their golden years — especially during a pandemic.

7 Unusual Ways to Declutter Your Home
7 Unusual Ways to Declutter Your Home

Tired of possessions weighing you down? Here are seven ways to declutter painlessly and effectively.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

The 15 Worst States for Retirees in 2020
The 15 Worst States for Retirees in 2020

Based on dozens of metrics tied to affordability, quality of life and health care, these are not ideal places to spend retirement.

11 Expenses That Quietly Drain Your Wallet
11 Expenses That Quietly Drain Your Wallet

It’s scandalously easy to overspend in these areas of your life.

9 Dumb Ways You Are Ruining Your Home Value
9 Dumb Ways You Are Ruining Your Home Value

Homeowners, beware these mistakes that can drive away potential buyers.

10 Deep Discounts Available on Amazon This Friday
10 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

10 Things That Really Are Free on Amazon
10 Things That Really Are Free on Amazon

These freebies are available to anyone — no Prime membership necessary.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

15 Outrageously Overpriced Products — and How to Save on Them
15 Outrageously Overpriced Products — and How to Save on Them

Retailers mark up products by hundreds of times their cost — but you don’t have to pay the premium.

Why Half of Retirees Now Owe Taxes on Social Security
Why Half of Retirees Now Owe Taxes on Social Security

Growing numbers of seniors are paying taxes on their Social Security benefits, but you might be able to avoid this fate.

18 Amazon Purchases That We Are Loving Right Now
18 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.