The IRS issued a News Release (IR-2013-43) that gives a three-month tax filing and payment extension to Boston area taxpayers and others affected by the bombs at the Boston Marathon on Monday, April 15th. The new deadline is July 15, 2013.
The relief applies to all individual taxpayers who live in Suffolk County, MA, including the city of Boston. It also includes victims, their families, first responders, others impacted by this tragedy who live outside Suffolk County and taxpayers whose tax preparers were adversely affected.
Eligible taxpayers now have until July 15, 2013 to file their 2012 returns and pay any taxes normally due April 15th. No filing and payment penalties will be due as long as returns are filed and payments are made by July 15, 2013. By law, interest, currently at the annual rate of 3% compounded daily, will still apply to any payments made after the April deadline.
The IRS will automatically provide this extension to anyone living in Suffolk County. Eligible taxpayers living outside Suffolk County can claim this relief by calling 1-866-562-5227 starting Tuesday, April 23, and identifying themselves to the IRS before filing a return or making a payment.
Eligible taxpayers who receive penalty notices from the IRS can also call this number to have these penalties abated. Taxpayers who need more time to file their returns may receive an additional extension to Oct. 15, 2013, by filing IRS Form 4868 by July 15, 2013. Taxpayers with questions unrelated to the Boston tragedy should visit www.IRS.gov, or contact the regular IRS toll-free number at 1-800-829-1040.
IR-2013-43 did not extend any IRA or employer plan deadlines, however the IRS may do so in the future.
-By Joe Cicchinelli and Jared Trexler
Smart money/Coming Soon
Mailbag
Thursday's Slott Report Mailbag
Consumers: Send in Your Questions to [email protected]
Q:
Can I transfer money from my IRA to my husband's Roth IRA? I am 35, and he is 36.
Thank you!
Gail Clements
A:
No. The only way your IRA funds can be transferred to your husband’s IRA is in a divorce or after your death. Even then, it would have to be transferred to a similar IRA, for example an IRA to IRA or a Roth IRA to another Roth IRA. In this case, you cannot transfer your IRA into your husband’s Roth IRA.
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