--- title: The IRS Just Extended the Deadline for Making HSA and IRA Contributions for 2020 description: Savers now have until May 17 to contribute to their individual retirement accounts and health savings accounts for 2020. authors: - name: Mallika Mitra role: Contributing Editor url: https://money.com/author/mallika-mitra/ bio: Mallika Mitra is a contributing editor for Money, based in Chicago. She has covered investing and retirement for seven years and her work has appeared in CNBC, Bloomberg, Kiplinger, AARP, Barron’s, Bankrate, The Daily Upside, ETF.com, The Bond Buyer, PLANADVISER, PLANSPONSOR and Investopedia. education: Craig Newmark Graduate School of Journalism at CUNY Kalamazoo College at_money_since: 2020 articles: 395 covers: - Taxes - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Technology also_seen_in: - CNBC - Bloomberg - Kiplinger - Barron's - Bankrate - WGN-TV - CBS News Radio - This Morning With Gordon Deal - Everyone's Talkin' Money social: - https://twitter.com/mitra_mallika - https://www.linkedin.com/in/mallika-mitra-4577a386/ published: '2021-03-30T16:09:37.000Z' modified: '2024-01-10T16:22:38.000Z' section: Taxes tags: - News - SMM21 word_count: 382 canonical: https://money.com/irs-hsa-ira-deadline/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Calendar on a colored background with the deadline date May 17 circled in red](https://img.money.com/2021/03/Retirement-2021-Contribution-HSA-IRA-Deadline1.jpg) Still planning to make contributions to your individual retirement and health savings accounts for 2020? You just got an extra month to make it happen. The deadline to make 2020 contributions to individual retirement accounts (IRAs), Roth IRAs and health savings accounts (HSAs) is pushed back to May 17 from April 15, the IRS [announced Monday](https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-for-individuals-to-may-17). The deadline extension also applies to 2020 contributions to Archer Medical Savings Accounts (MSAs) and Coverdell education savings accounts (ESAs), as well as paying taxes on 2020 distributions from IRA or work-based retirement plans. The announcement comes over a week after the [IRS postponed the federal income tax deadline to May 17](https://money.com/tax-deadline-extension/) from its usual April 15. While the federal income tax and IRA/HSA contribution deadlines have been extended, [quarterly estimated tax payments are still due on April 15](https://money.com/estimated-payments-tax-deadline/), the IRS reaffirmed Monday. If you haven't already made a contribution to an IRA, Roth IRA or HSA for last year, this is a good opportunity to do so. A traditional [IRA](https://money.com/what-is-an-ira/), like an employee-sponsored 401(k), allows your investments to grow on a tax-deferred basis until the money is withdrawn. A [Roth IRA](https://money.com/what-is-a-roth-ira/#:~:text=Link%20Link%20copied!-,Money,and%20penalties%20on%20your%20earnings.) is taxed upfront, so your investments grow tax-free. An [HSA](https://money.com/how-to-save-on-medical-costs/) is another powerful, tax-advantaged savings vehicle that allows you to save pre-tax dollars for future medical expenses. They're typically available to people with qualifying high-deductible insurance plans. HSAs have a triple tax advantage because — in addition to making tax-deductible contributions — they allow savers to accrue tax-free earnings and make tax-free withdrawals for qualified medical expenses. Bonus: the IRS just [announced Friday](https://money.com/coronavirus-masks-fsa-hsa-eligible/) that amounts paid toward personal protective equipment (PPE) for “the primary purpose of preventing the spread” of COVID-19, like masks and hand sanitizer, are now eligible to be paid or reimbursed through HSAs. In addition to saving towards your future, contributing to an IRA or HSA is a way to lower your adjusted gross income. Reducing your income could allow you to snag a third stimulus check — or get more money — if you're on the [cusp of eligibility](https://money.com/third-stimulus-check-income-limit-agi/). 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