2020 Tax Filing extensions

Submitted by Kevin O'Hearn on Tue, 2021-03-23 17:27

Hello,

I’ve read IRS Notice 2021-59 several times and I don’t see any mention of the extension of prior year (2020) contribution deadline being extended to May 17, 2021. Can you please confirm if this extension also applies to prior year IRA and Roth contributions for 2020?

Any insight would be greatly appreciated. Thank you.



Submitted by Alan - IRA critic on Tue, 2021-03-23 17:44

If the tax due date is extended, the deadline for 2020 contributions would automatically be extended as well. If the IRS chose instead to keep the contribution deadline 4/15 they would have to specifically state that. That said, it is possible that a specific IRA Custodian’s systems do not support a delayed deadline, so it would be wise to contact the custodian in the first week of April to confirm that they will accept 2020 contributions through 5/17.

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