IRS Extends 2019 IRA Contribution Deadline to July 15th

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On Friday, March 20th, Secretary of Treasury Steven Mnuchin announced on Twitter that Tax Day will be moved from April 15 to July 15. Both the filing and payment deadline will be on July 15th.

At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

— Steven Mnuchin (@stevenmnuchin1) March 20, 2020

The IRS released the official statement on the website on Saturday, March 21st.

Do you know what this means for individual retirement account plan contributors? The deadline will also be extended!

Typically, taxpayers can make contributions to their individual retirement accounts from January 1st through the tax filing deadline of the following year. For 2019, you could have started making contributions on January 1st, 2019. The deadline to make contributions would have been on April 15th, 2020 – the date that 2019 taxes are due.

Because of the tax filing extension, you have three additional months to max out your individual retirement account if you haven’t done so already.

Individual Retirement Accounts fall into two buckets: Traditional and Roth. You can contribute to a traditional or Roth IRA account or both.

Your 2019 combined contribution amount to your individual retirement accounts can not exceed $6,000 if you are under the age of 50. For those over 50, there is a $1,000 catch-up contribution that allows you to contribute $7,000 towards your individual retirement account goals for 2019.

When determining if you should contribute to a Traditional or Roth IRA, please consider the following:

• IRA eligibility based on your income
• Required minimum distributions
• Early withdrawal rules
• Tax benefits

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