ira funding

Forum|Forum|5 years ago
March 23, 2021
2 replies
14 views

since indiv returns are not due until may 17 can the ira funding wait until may 17 also?

Lacerte Tax

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qbteachmt

Level 15

It is worded as based on the due date of the return with extensions. It's a relative deadline, not absolute.

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TylorValdez1

Level 6

We are awaiting further guidance from the IRS regarding the deadline to make contributions to your Individual Retirement Account (IRA) for 2020. The current deadline without extension is April 15. You can contribute a maximum of $6,000 to an IRA for 2020, plus an extra $1,000 if you are 50 or older and make an impact on your 2020 taxes.

If you are self-employed, you can contribute to a Simplified Employee Pension (SEP) IRA as much as the lesser of 25% of your net earnings or up to $57,000 for 2020, and your contributions may be tax-deductible as a business expense. You can contribute to your SEP IRA until the October 15 extended deadline.

We will provide updates regarding IRA contributions as soon as the IRS provides guidance.