. My secret source.When is the 2020 IRA contribution deadline?
The 2020 IRA contribution deadline has been extended to May 17, 2021. The IRS has stated that they will be providing formal guidance in the coming days.
. Ditto.Currently, April 15 is still the last day to contribute to an IRA or and HSA for 2020. The IRS hasn’t said that it will push back the date to align with the tax return filing deadline.
DittoThe IRS has extended the April 15 deadline for filing and paying 2020 federal individual income taxes to May 17. An extension from April 15 for 2020 IRA contributions was not indicated. Additional IRS guidance will follow. For residents of Louisiana, Oklahoma, and Texas the deadline has been extended to June 15 for filing, payments, and IRA contributions.
DittoThe extension will also provide taxpayers additional time to contribute to an Individual Retirement Account (IRA), and thereby decrease their AGI to potentially receive more favorable tax benefits. A taxpayer will be deemed as making an IRA contribution on the last day of the 2020 tax year provided the IRA contribution is made no later than the original due date of the 2020 tax return. Now that the due date is extended to May 17th, additional planning can occur.
DittoIf you didn't max out your 2020 Roth IRA contribution, it's not too late. The deadline for making your contribution isn't until Tax Day, typically April 15. But this week, the IRS announced that it's extending the tax deadline to May 17. That means you just got an extra month to max out your Roth IRA for 2020.
DittoContributions to a traditional IRA can be tax-deductible. You have until the May 17, 2021, tax deadline to contribute to an IRA, either Roth or traditional, for the 2020 tax year.
. DittoBut the Tax Day deadline applies to traditional IRAs and health savings accounts (HSA), so you'll have until May 17 to max out your contributions. By doing so, you may be able to lower your taxable income for the year. But if you've already submitted your 2020 tax return, you'll need to file an amended return to deduct your contributions.
. DittoWhile not yet confirmed by the IRS, it appears this most recent action will result in the deadline for making IRA and HSA contributions for tax year 2020 also being extended until May 17, 2021.
. DittoThe federal tax and IRA contribution due date was extended to May 17th.
. Ditto3. Contribute to or open an IRA by Tax Day
Contributions to a traditional IRA can be tax-deductible. You have until the May 17, 2021, tax deadline to contribute to an IRA, either Roth or traditional, for the 2020 tax year.
. Different secret sourceIn addition, the IRS has not yet given further guidance on whether other deadlines will also be extended. That includes contributions to individual retirement accounts and health savings accounts.
. First secret sourceQuestion: Has the deadline to make an IRA contribution for 2020 been extended since the 2020 tax filing date has been extended to May 17, 2021? Robert Answer: Hi Robert, Yes. The 2020 IRA contribution deadline is also extended to May 17, 2021.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
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