May 12, 2020

2020 – 05/12 – There’s still time to make a deductible IRA contribution for 2019

You still have time to make your 2019 traditional and Roth IRA contributions. The deadline is generally April 15 but because of the novel coronavirus (COVID-19) pandemic, the IRS extended the deadline until July 15, 2020. If you qualify, deductible contributions to traditional IRAs can lower your 2019 tax bill. Even nondeductible contributions can be beneficial because of tax-deferred growth. If you’re eligible, the 2019 contribution limit is $6,000 (plus $1,000 for those age 50 or older on Dec. 31, 2019). However, your deduction or contribution may be reduced or eliminated based on your income. Contact us to learn more about retirement saving in your situation.