Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Friendly reminder: You can still make IRA contributions for 2019 through July 15
There's some good news if you contributed less than $6,000 to IRAs in 2019 (or $7,000 if you were born on or before December 31, 1969). Since the tax filing deadline was pushed back to July 15, you can still make a contribution and have it earmarked for 2019.
The government limits how much you can invest in these tax-advantaged IRAs each year. But the good news is that you have until July 15, 2020 — the special deadline to file your 2019 federal tax returns — to contribute for the 2019 tax year and maximize your annual tax break as well as your future savings.
By earmarking your contribution for 2019 instead of 2020, you can contribute a full $6,000 (or $7,000 if you were born on or before December 31, 1970) between July 16 and April 15 and have it counted toward 2020.
Also, if you contribute to a traditional IRA, that means you can take the deduction and count it toward your 2019 taxes. If you contribute to a traditional IRA but have already filed your 2019 taxes, you can file an amended return with the IRA deduction any time between now and July 15, 2023 (three years after the original filing deadline).