Level 2

IRA Contributions

Forum|Forum|6 years ago
March 22, 2020
2 replies
18 views

Has the deadline for making IRA contributions also been extended?

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

No. IRA and HSA remain at April 15th

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

Proposed legislation would change the due date for 2019 returns to July 15. If enacted, it would also extend the IRA deadline under Section 219:

(3)Time when contributions deemed made

For purposes of this section, a taxpayer shall be deemed to have made a contribution to an individual retirement plan on the last day of the preceding taxable year if the contribution is made on account of such taxable year and is made not later than the time prescribed by law for filing the return for such taxable year (not including extensions thereof).

However, if all we have to work with is a blanket extension from IRS, then the deadline is still April 15. So, it's important to prioritize returns for clients who wait until April to figure how much, if anything, they want to contribute to an IRA. Sometimes they have good reason to wait, because the deductible amount depends on their AGI and perhaps other factors.

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