It’s deja vu all over again – Yogi Berra
Last year, most of California received several deadline delays when it came to 2022 tax returns, tax payments, and IRA and HSA contributions.
Sure enough, San Diego County now has a deadline delay for their 2023 tax returns, tax payments, and IRA and HSA contributions. Hat tip to Jennifer Mah’s Instagram for alerting me to this development.
San Diego County Tax Deadline Delay
The IRS announced that because of early 2024 flooding in San Diego, San Diegons have an extended deadline, June 17, 2024, to perform most 2023 tax acts that otherwise would have been due early in 2024. The Franchise Tax Board has followed suit and also issued their own delay announcement.
2023 Traditional and Roth IRA Contributions
The deadline for San Diegons to make 2023 contributions to traditional and/or Roth IRAs has been extended to June 17, 2024. As a practical matter, I wouldn’t encourage reliance on this particular deadline delay. Financial institutions may find it difficult to allow “late but timely” 2023 IRA contributions on their platform when it is available only to residents of a single county.
If you are a San Diegon reading this in May 2024 and want to make an IRA contribution for 2023, I recommend initiating the process by calling the financial institution using a seldom used app on your phone, the phone.
2023 Backdoor Roth IRAs
San Diegons now have until June 17, 2024 to execute the first step of a 2023 Backdoor Roth IRA, the nondeductible contribution to a traditional IRA for 2023. This would be a Split-Year Backdoor Roth IRA.
2023 HSA Contributions
San Diegons now have until June 17, 2024 to contribute to a 2023 health savings account. The same comments that apply to traditional IRA and Roth IRA contributions made using the deadline extension apply to 2023 HSA contributions made using the deadline extension.
2023 Tax Returns and Payments and 2024 Q1 Estimated Tax Payments
San Diegons now have until June 17, 2024 to (i) file their 2023 federal and California income tax returns, (ii) pay the amount due with their 2023 federal and California income tax returns, and (iii) make 2024 first quarter estimated payments.
Who Benefits?
Residents of San Diego County qualify for the extended deadline. Taxpayers with records in San Diego County can also benefit.
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This post is for entertainment and educational purposes only. It does not constitute accounting, financial, investment, legal, or tax advice. Please consult with your advisor(s) regarding your personal accounting, financial, investment, legal, and tax matters. Please also refer to the Disclaimer & Warning section found here.