8 Financial Dates and Deadlines in April 2022

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Life moves quickly. It’s easy to get distracted. But that can be costly.

Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.

Enter our “Money Calendar” series.

In this edition, we’ve rounded up the noteworthy money dates in April 2022. Take a look and mark your calendar with any dates that apply to you.

April 1 — RMD deadline

Folks who turned age 72 during the latter half of 2021 (July 1 to Dec. 31) generally have until April 1, 2022, to withdraw their required minimum distribution, or RMD, for 2021. This would be their very first RMD, so Uncle Sam gives folks longer to withdraw that initial RMD. (Normally, the deadline is Dec. 31, as we detailed in “Retirees Who Blow This Tax Deadline Risk a Big, Fat Penalty.”)

RMDs are a minimum amount of money that the federal government requires you to withdraw from most types of retirement accounts each year, generally starting the year in which you turn 72 (or previously, age 70½).

The penalty for missing an RMD is steep, equal to 50% of the amount you should have withdrawn. For example, if you are required to withdraw $2,000 from retirement accounts by April 1, 2022, and you fail to do so, you could owe the IRS a $1,000 penalty.

April 1 — New flood insurance rate renewals begin

If you’re a homeowner with flood insurance, expect a revised rate the next time your policy comes up for renewal.

Most policies that renew on or after April 1, 2022, will be subject to a new risk rating system that affects premiums. This change stems from an overhaul of the National Flood Insurance Program’s pricing methodology, which the Federal Emergency Management Agency (FEMA) announced in April 2021.

As the National Association of Home Builders explains it:

“… FEMA is transforming the way it calculates premiums for flood insurance policies that are made available under the National Flood Insurance Program (NFIP) so that they better reflect the actual risks properties face.

Instead of relying on the Flood Insurance Rate Maps to determine a home’s risk, the new process will factor in details that are specific to each home, such as elevation, distance to flooding source and cost to rebuild. As a result, some rates will go up, and some rates will do down.”

April 15 — Deadline for HSA and Archer MSA contributions

You have until April 15 to contribute money for the 2021 tax year to a health savings account (HSA) or Archer medical savings account (MSA).

The types of accounts enable eligible folks to enjoy tax breaks on money they set aside for medical expenses. HSAs are for people with high-deductible health insurance plans, while Archer MSAs are for the self-employed and employees of certain small businesses, according to the IRS.

April 18 — Deadline for estimated tax payments

This is the deadline for the first quarterly installment of estimated taxes for the 2022 tax year — the one for which your tax return is due by April 2023. This deadline applies to the self-employed and other workers who earn income that isn’t subject to withholding, who use IRS Form 1040-ES to pay this tax.

April 18 (in most cases) — Tax Day

For most folks, their federal income tax return — and any tax bill they owe Uncle Sam — for 2021 is due by Monday, April 18. Because of a state holiday observed in Maine and Massachusetts, residents of those states have until April 19 this year.

Your Tax Day is also your deadline for requesting an automatic six-month extension, which you can do by filing IRS Form 4868. Just keep in mind that an extension only buys you more time to file your return, not to pay any obligations.

As for state income taxes, returns in most states are due this year by April 18, although a handful of states have later deadlines for 2022, according to the publication CPA Practice Advisor. To be safe, though, confirm your state income tax return deadline with the state’s tax-collecting agency.

April 18 — Deadline for IRA contributions

You have until April 18 to contribute money for the 2021 tax year to an individual retirement account (IRA) or, as the IRS tends to call them, an individual retirement arrangement.

April 19-25 — Missouri’s Show Me Green Sales Tax Holiday

During this seven-day period, qualifying Energy Star-certified new appliances are exempt from Missouri’s sales tax, up to $1,500 per appliance.

For more details, visit the Missouri Department of Revenue’s “Show Me Green Sales Tax Holiday” webpage.

April 23-25 — Texas’ Emergency Preparation Supplies Sales Tax Holiday

During this three-day period, certain emergency preparation supplies will be exempt from sales taxes.

For more information, including lists of supplies that do and don’t qualify for this tax break, visit the Texas comptroller’s “Emergency Preparation Supplies Sales Tax Holiday” webpage.

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