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The IRS Says You Have Until July 15 To Make 2019 IRA Or HSA Contributions
With all that has been going on, I had forgotten all about this.
TOP ADVISOR/SHOOK | 60,020 views | Mar 24, 2020, 04:40pm EDT
The IRS Says You Have Until July 15 To Make 2019 IRA Or HSA Contributions
Ashlea EbelingSenior Contributor
Personal Finance
The Internal Revenue Service today has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020. That’s the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020, as COVID-19 continues to impact the United States.
That’s welcome news, giving taxpayers two months extra to beef up retirement savings. “It’s clear as a bell,” says Ed Slott, an IRA expert and CPA in Rockville Centre, N.Y. “The naysayers are proved wrong.” Early reports online suggested that despite the new tax day deadline, the April 15 deadline would still apply to IRA contributions. But the tax code says the contribution deadline is the tax filing date, so since the filing date has been extended, the contribution deadline is extended.
Here’s the official word from the IRS from its Filing and Payment Deadlines Q&A:
Q17. Does this relief provide me more time to contribute money to my IRA for 2019?
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.
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The IRS Says You Have Until July 15 To Make 2019 IRA Or HSA Contributions
Ashlea EbelingSenior Contributor
Personal Finance
The Internal Revenue Service today has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020. That’s the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020, as COVID-19 continues to impact the United States.
That’s welcome news, giving taxpayers two months extra to beef up retirement savings. “It’s clear as a bell,” says Ed Slott, an IRA expert and CPA in Rockville Centre, N.Y. “The naysayers are proved wrong.” Early reports online suggested that despite the new tax day deadline, the April 15 deadline would still apply to IRA contributions. But the tax code says the contribution deadline is the tax filing date, so since the filing date has been extended, the contribution deadline is extended.
Here’s the official word from the IRS from its Filing and Payment Deadlines Q&A:
Q17. Does this relief provide me more time to contribute money to my IRA for 2019?
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.
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