Deduct 2020 planned traditional IRA on income tax return, send in return in Feb. but not funding IRA prior to April 15, 2021
Am I allowed to deduct a planned traditional IRA for the 2020 tax year on my Federal and State income tax returns, send in the returns in February, but not actually fund the IRA until April 1, 2021?
Permalink Submitted by David Mertz on Fri, 2021-02-05 06:10
Yes. If you end up not making the contribution or end-up being ineligible to take the deduction, you’ll need to amend.