Due Dates for 2023 Tax Filings and Returns
Greg Dowell • March 11, 2023
Don't forget a birthday, anniversary, or any of these tax filing dates . . .
It used to be pretty easy to figure out – tax returns for most entities were due on April 15th every year. Over the years and for a variety of reasons – some good, some not so good – due dates have changed and a cheat sheet is needed to keep track of them. Here is a look at the major tax due dates throughout 2023:
January 17, 2023. Individuals.
- Make a payment of estimated tax for 2022 if not enough 2022 income tax has been withheld. Use Form 1040-ES, or pay by various electronic means. This is the final installment date for 2022 estimated tax. However, individuals needn't make this payment if they file their 2022 returns (Form 1040) and pay any tax due by Jan. 31, 2023.
January 17, 2023. Farmers and fishermen.
- Pay estimated tax for 2022 by using Form 1040-ES or via various electronic means. Farmers and fishermen can then file their 2022 income tax returns (Form 1040) by Apr. 18 (as Apr. 15 falls on a Saturday, and Apr. 17 is D.C. Emancipation Day). If they don't make this estimated payment at this time, they must file their 2022 returns and pay any tax due by Mar. 1, 2023, to avoid an estimated tax penalty.
January 31, 2023. Individuals.
- File income tax return (Form 1040) for 2022, if the last installment of estimated tax wasn't paid by Jan. 17. Filing the return now prevents any penalty for late payment of the last installment.
January 31, 2023. Employers.
- Give employees their copies of Form W-2 for 2022.
- File Form W-3 along with Copy A of all the Form W-2s issued for 2022.
- “Applicable large employers” must furnish copies of Forms 1095-C to full-time employees, and all other providers of minimum essential coverage must furnish copies of Forms 1095-B to responsible individuals.
January 31, 2023. Businesses.
- Give an annual information statement to recipients of certain payments made by the business during 2022. (Use a copy of the appropriate Form 1099.)
- File Form 1099-MISC if reporting (whether electronically or by paper) nonemployee compensation payments in box 7. (For all other payments, file Form 1099-MISC by Feb. 28, 2023 on paper, or Mar. 31, 2023, electronically.)
February 15, 2023. Individuals.
- Individuals who claimed exemption from income tax withholding for 2022 on the Form W-4 given to the employer must file a new Form W-4 by this date to continue the exemption for another year.
February 15, 2023. Businesses.
- Give an annual information statement to recipients of certain payments (e.g., proceeds from broker and barter transactions) made by the business during 2022. (Use a copy of the appropriate Form 1099.)
February 28, 2023. Businesses.
- File an information return (Form 1099) with IRS for certain payments made by the business during 2022. There are different versions of Form 1099 for different types of payments. For a 30-day extension of time to file, use Form 8809. The due date for electronic filers is Mar. 31, 2023.
February 28, 2023. Large food and beverage establishment employers.
- File Form 8027 to report tip income and allocated tips. Use Form 8027-T to summarize and transmit Form 8027 if employer has more than one establishment. The due date for electronic filers is Mar. 31, 2023.
March 1, 2023. Farmers and fishermen.
- File the 2022 income tax return (Form 1040) and pay any tax due. However, farmers and fishermen have until Apr. 18 if they paid their 2022 estimated tax by Jan. 17, 2022.
March 15, 2023. Partnerships.
- File a 2022 calendar-year return (Form 1065), and provide each partner with a copy of Schedule K-1. For an automatic 6-month extension to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by Sept. 15.
March 15, 2023. S corporations.
- File a 2022 calendar-year income tax return (Form 1120S), pay any tax still due, and provide each shareholder with a copy of Schedule K-1. For an automatic 6-month extension, file Form 7004 and deposit an estimate of the tax owed.
March 15, 2023. S elections.
- File Form 2553 to choose to be treated as an S corporation for calendar year 2023 and thereafter. If Form 2553 is filed late, S treatment will begin with calendar year 2024 (unless the taxpayer qualifies for late election relief).
March 31, 2023. Electronic filers of information returns.
- Electronically file those information returns listed under Feb. 28, above (e.g., Form 1099s, Form W-2s, etc.). (Feb. 28 is the due date for non-electronic filers.)
March 31, 2023. Large food and beverage establishment employers.
- Electronically file Form 8027 to report tip income and allocated tips. Employers with more than one establishment should use Form 8027-T to summarize and transmit Form 8027. (Mar. 1, 2023 is the due date for non-electronic filers.)
April 18, 2023. Individuals.
- File an income tax return (Form 1040) for 2022 and pay any tax due.
- U.S. citizens and resident aliens living and working (or on military duty) outside the U.S. and Puerto Rico get an automatic 2-month extension (to June 15) to file their returns and pay any tax due.
- Make the first installment payment of 2023 estimated tax.
- Last day to make contributions to an IRA, Roth IRA, HSA, Archer MSA or Coverdell ESA for 2022.
April 18, 2023. C corporations.
- File 2022 calendar-year income tax returns (Form 1120) and make any required income tax payments. Corporations needing additional time (beyond April 18) to file should file Form 7004, and deposit the tax they owe, by April 18, 2023, to obtain an extension to file the return. The filing extension date won't go beyond Oct. 18, 2023. And, that extension doesn't extend the time to pay the tax beyond April 18, 2023.
April 18, 2023. Corporations.
- Calendar-year corporations deposit the first installment of estimated income tax for 2023.
June 15, 2023. Individuals.
- Make the second installment payment of 2023 estimated tax.
- U.S. citizens or resident aliens living and working (or on military duty) outside the U.S. and Puerto Rico file their 2022 Forms 1040 and pay any tax, interest and penalties due (under the 60-day extension to which they're entitled). For further extension to Oct. 16, file Form 4868 and check the box on line 8. For taxpayers serving in a combat zone, the filing deadline is extended further.
June 15, 2023. Corporations.
- Calendar-year corporations deposit the second installment of estimated income tax for 2023.
July 17, 2023. Employers.
- Employers that maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or Form 5500-EZ for plan years that ended in Sept., Oct., or Nov. of 2022. Employers with Forms 5500 due between Mar. 31, 2023, and July 17, 2023 because of a previously filed extension request, file the Form 5500.
July 31, 2023. Employers.
- Employers that maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or Form 5500-EZ for calendar year 2022. Employer that use a fiscal year as the plan year file the form by the last day of the seventh month after the plan year ends.
September 15, 2023. Individuals.
- Make the third installment payment of 2023 estimated tax, if not enough 2023 income tax is being withheld. Use Form 1040-ES, or pay by various electronic means.
September 15, 2023. S corporations.
- If under a 6-month extension, file a 2022 calendar-year income tax return (Form 1120S), and pay any tax due.
September 15, 2023. Corporations.
- Calendar-year corporations must deposit the third installment of estimated income tax for 2023.
September 15, 2023. Partnerships.
- If under a 6-month extension, file a 2022 calendar-year return (Form 1065).
October 16, 2023. Individuals.
- Individuals with an automatic 6-month extension to file income tax returns for 2022, file Form 1040 and pay any tax, interest, and penalties due.
October 16, 2023. C corporations.
- File a 2022 calendar-year income tax return (Form 1120), and pay any tax due if under an automatic 6-month extension.
During November, 2023. Employers.
- Request that employees whose withholding exemptions will be different in 2024 fill out a new Form W-4.
December 15, 2023. Corporations.
- Calendar-year corporations must deposit the fourth installment of estimated income tax for 2023.
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As you may be aware, you can't keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or 401(k) plan when you reach age 73. Roth IRAs do not require withdrawals until after the death of the owner. Your required minimum distribution (RMD) is the minimum amount you must withdraw from your account each year. You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts). We typically instruct our clients to turn to their investment advisors to determine if they are required to take an RMD and to calculate the amount of the RMD for the year. Most investment advisors and plan custodians will provide those services free of charge, and will also send reminders to their clients each year to take the RMD before the deadlines. That said, it is still good to have a general understanding of the RMD rules. The RMD rules are complicated, so we have put together the following summary that we hope you will find helpful: When do I take my first RMD (the required beginning date)? For an IRA, you must take your first RMD by April 1 of the year following the year in which you turn 73, regardless of whether you're still employed. For a 401(k) plan, you must take your first RMD by April 1 of the year following the later of the year you turn 73, or the year you retire (if allowed by your plan). If you are a 5% owner, you must start RMDs by April 1 of the year following the year you turn 73. What is the deadline for taking subsequent RMDs after the first RMD? After the first RMD, you must take subsequent RMDs by December 31 of each year beginning with the calendar year containing your required beginning date. How do I calculate my RMD? The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS's "Uniform Lifetime Table." A separate table is used if the sole beneficiary is the owner's spouse who is ten or more years younger than the owner. How should I take my RMDs if I have multiple accounts? If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all of your IRAs and withdraw the total from one IRA or a portion from each of your IRAs. You do not have to take a separate RMD from each IRA. If you have more than one 401(k) plan, you must calculate and satisfy your RMDs separately for each plan and withdraw that amount from that plan. May I withdraw more than the RMD? Yes, you can always withdraw more than the RMD, but you can't apply excess withdrawals toward future years' RMDs. May I take more than one withdrawal in a year to meet my RMD? You may withdraw your annual RMD in any number of distributions throughout the year, as long as you withdraw the total annual minimum amount by December 31 (or April 1 if it is for your first RMD). May I satisfy my RMD obligation by making qualified charitable distributions? You may satisfy your RMD obligation by having the trustee make qualified charitable distribution of up to $108,000 in 2025 ($105,000 in 2024) to a public charity (some public charities excepted). The amount of the qualified charitable distribution will not be included in your income. You may also make a one-time election to make qualified charitable distributions to certain charitable trusts or a charitable gift annuity. What happens if I don't take the RMD? If the distributions to you in any year are less than the RMD for that year, you are subject to an additional tax equal to 25% of the undistributed RMD (reduced to 10% if corrected during a specified time frame).
