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With the extension of tax season there are opportunities

| April 15, 2020

IRAs play an important role in helping you achieve your long-term financial goals and with the extension of tax season, this window of opportunity remains open.
On March 18, 2020, in response to the President’s COVID-19 Emergency Declaration, the Department of the Treasury and the Internal Revenue Service issued a Notice extending the normal Federal tax filing deadline from April 15 to July 15.  In addition to extending the Federal filing deadline this notice also allows for:

  • Tax deductible IRA contributions for 2019
  • Tax deductible contributions to a Health Savings Account (HSA)
  • Employer business contributions to qualified plans
  • Employer set up and implementation of a Simplified Employee Pension Plan (SEP-IRA)

…up to the July 15 deadline.

... and that means 

For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

Feel free to contact us if you have any questions.