IRA contribution
since tax day is extended to 7/15, does that mean we can contribute to an IRA up til 7/15 as well? what about if client files an extention? Thanks
since tax day is extended to 7/15, does that mean we can contribute to an IRA up til 7/15 as well? what about if client files an extention? Thanks
Permalink Submitted by Bruce Steiner on Wed, 2020-04-01 16:48
Yes to 7/15/2020. See Q&A 17 in the IRS’ FAQs: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers .
Permalink Submitted by Alan - IRA critic on Wed, 2020-04-01 16:58
An extension filing has no effect on the IRA contribution deadline, and never did. For 2020, the due date is now 7/15 instead of 4/15, and with an extension to file to 10/15, the due date for contributions remains 7/15. For SEP IRA contributions an extension does advance the SEP contribution date to 10/15 as before.