The IRS announced in February 2021 in a news release this month relief for Texas winter storm victims. This relief applies to the entire state of Texas. “Affected taxpayer” automatically includes anyone who resides or has a business located within the designated disaster area. Those who reside or have a business located outside the identified disaster area, but have been affected by the disaster, may contact the IRS at 866-562-5227 to request the relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions as well as solo 401k contributions.
For more information, visit the IRS disaster relief page.
Solo 401k Contribution Guides-Deep Dive
- Slides: Sole Proprietorship, Single-member LLC or 1099 Independent Contractor
- Video: https://youtu.be/2TK_XmY-qc8
- Slides: S-corporations, C-corporations, LLC taxed as S-corp./C-corp., W2
- Video: https://youtu.be/LZHzeb-WhME