Since filing deadline for 2019 Income Taxes has been pushed back can a person make their 2019 IRA Contribution by 07-17-2020 | Ed Slott and Company, LLC

Since filing deadline for 2019 Income Taxes has been pushed back can a person make their 2019 IRA Contribution by 07-17-2020

Since the time to file your tax return has been extended to 07-15-2020, does an individual have the right to make their 2019 I.R.A. contribution by the same 07-15-2020 deadline?

While the IRA contribution deadline follows the due date, it is strange that the IRS has left this question hanging. Could be they are checking with custodians to see if their systems can be re programmed to handle the new deadline and the 5498 reporting cycle.  If enough custodians indicate it would be a hardship, the IRS could keep the 4/15 deadline in place. After all, the new filing date is intended to keep more cash in taxpayer's hands to afford basic needs, not necessarily to fund retirement accounts. Best to fund your IRA by 4/15 if at all possible.

 

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