2021 Tax Dates and Rates

Tax season is coming up fast. Whether you use Advanced HR or Employee Self-Serve, all employees’ W-2 tax forms should now be available for printing or saving through their employee portal. Contact us if you need assistance with an employee’s login or if you don’t see your 2020 W-2s out there.

Here's a list of other upcoming tax and Affordable Care Act (ACA) reporting deadlines you'll need to keep in mind.

Important Tax and ACA Dates

• February 1 – Deadline to distribute W-2 and 1099 tax forms to employees; this is also the deadline to file/submit these forms to the IRS
• February 15 – Deadline to file W-2 and 1099 tax forms with the state of Iowa (for filing deadlines in other states, give us a call)
• February 28 – Deadline to file ACA reporting manually (paper) with the IRS
• March 2 – Deadline to distribute Form 1095-C (ACA reporting) to your employees
• March 31 – Deadline to file ACA reporting electronically with the IRS

Remember, if you use our Tax Pay & File service and ACA service, Future Systems will file all of the necessary forms for you.
 

Tax Rate and Contribution Limits for 2021

• Standard deduction – $25,100 for married couples filing joint returns; $12,550 for individual returns; $18,800 for head of household
• Health Flexible Spending Accounts – $2,750 for the year
• Health Savings Accounts (HSAs) – $3,600 for individual; $7,200 for Family; $1,000 for catchup
• 401(k)s, 403(b)s, 457 plans – $19,500 for the year; catch-up contribution is $6,500
• SIMPLE retirement plan – $13,500
• OASDI wage limit – $142,800
• Iowa Unemployment wage limit – $32,400

Have other questions about dates and rates for 2021, or just need help keeping it all straight? Reach out today and let a member of our team help.