7 Financial Dates and Deadlines in May 2024

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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 May 2024. Take a look and mark your calendar with any dates that apply to you. And if you enjoy this series, sign up for the Money Talks Newsletter so you don’t miss the next edition. Look for it on the last weekday of every month.

New I bond rates announced — May 1

The U.S. Department of the Treasury will announce new rates for Series I government savings bonds on the first business day in May (as happens every May and November).

This type of bond has two rates — a variable rate, which is tied to inflation, and a fixed rate. Either or both could change.

To learn more about I bonds, as they are often called, check out “7 Things You Should Know Before Investing in I Bonds.”

FOMC meeting — April 30-May 1

The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year. On the second day of these two-day meetings, the committee votes on whether to change its target range for the federal funds rate. So May 1 is the next time that they might change it.

Any change to the federal funds rate can affect everything from your savings account yield to your credit card interest. To learn more about what this means for you, check out “What Is ‘the Fed’ — and Why Should You Care?

Deadline to claim 2020 tax refunds — May 17

Hundreds of thousands of people still have unclaimed federal income tax refunds for the 2020 tax year — which are collectively worth more than $1 billion — the IRS recently announced. This is because these folks have yet to file their 2020 tax return.

Now, they are running out of time to claim their refund, with May 17 being the deadline. If they don’t file their 2020 return by then, they will effectively forfeit their 2020 refund. As the IRS explains:

“Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.”

Deadline to claim 2020 recovery rebate credits — May 17

If you didn’t file a tax return for the 2020 tax year — whether because you’re a procrastinator or because you didn’t owe any taxes — you might want to consider filing it soon.

Some folks were entitled to receive a form of COVID-19 pandemic relief known as a recovery rebate credit for the 2020 tax year. The only way to claim it, however, was to file a tax return — even if you didn’t owe taxes.

May 17 is the deadline to file a 2020 return and claim the 2020 recovery rebate credit.

Texas’ Energy Star Sales Tax Holiday — May 25-27

Just as some states offer back-to-school sales tax holidays, during which they waive sales taxes on purchases like school supplies, some states offer Energy Star tax holidays. During these periods, sales taxes are waived for products that have earned the federal Energy Star certification for their efficiency.

Texas’ Energy Star Sales Tax Holiday falls on Memorial Day weekend. Lists of products that do and do not qualify for the tax break are available on the Texas comptroller’s website.

Texas’ Water-Efficient Products Sales Tax Holiday — May 25-27

Also on Memorial Day weekend, Texas is having a sales tax holiday for products that have earned the federal WaterSense certification for efficient use of water.

Details are available on the comptroller’s website.

Memorial Day — May 27

Memorial Day, observed on the last Monday in May, is a federal holiday. So expect many financial institutions to be closed. Of course, many retailers will have sales, too.

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