after-death IRA contribution

No IRA Contributions After Death

As we inch toward the extended 2020 tax deadline of May 17, many filers are still laboring over their returns. Some are completing the final return for a loved one lost in what was a brutal year. As is human nature, most taxpayers try to squeeze every last deduction and income-reducing item into their prior-year numbers. While maximizing all available and legal tax-cutting strategies is the proper way to file a return, be aware that not all tax benefits are available to all tax filers, especially after a person has passed away.

IRA Contributions After Death

The general rule for making IRA contributions after an individual dies is that you can’t. However, as is the case with many of the IRA rules, there is an exception. We explain below.

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