2020 | Ed Slott and Company, LLC

2020

Making a 2020 Roth IRA Contribution

The IRS has delayed the deadline for filing federal income taxes until May 17, 2021. This also extends the deadline for making a 2020 Roth IRA contribution. A Roth IRA offers the promise of tax-free withdrawals in retirement if you follow the rules. If you are deciding whether a 2020 Roth IRA contribution is the right move for you, here are some things to keep in mind.

The “Look Back” – Considering a Tax Year in its Entirety

We are just a few days into the new year, and many people are anxious to get their full IRA contributions in for 2021. However, a common question is, “It’s only the first week of the year and I haven’t received a paycheck yet. Can I still make my contribution now, or do I need to wait until I actually have earned income?”

10 Things You Must Know Before Converting in 2020

The clock is ticking if you are considering converting your Traditional IRA to a Roth IRA in 2020. More IRA owners are making this move this year as historically low tax rates and COVID-related income losses have combined to make this an ideal time to trade off the tax hit of a conversion for the promise of future tax-free Roth IRA earnings.

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