skip to main content
X

ADDITIONAL 90 DAYS TO MAKE IRA CONTRIBUTIONS

ADDITIONAL 90 DAYS TO MAKE IRA CONTRIBUTIONS

Last week the Treasury Secretary gave all US taxpayers a break by extending the payment due date for taxes owed with their 2019 tax filings. He then delayed the tax filing date to that same date, July 15, 2020. During this economic toil it made perfect sense to allow US taxpayers to focus on far more important issues facing themselves.

One additional benefit of this move is that the deadline for making an IRA contribution for 2019 has also been extended (which would include opening an IRA). The IRS rule for the contribution deadline is not fixed to a certain date, but is rather fixed to an event, the filing of an individual’s tax return (not including extensions). Because the government has moved the filing deadline to July 15th, it has also provided an additional 90 days for US taxpayers to make their IRA contributions.

For more information on retirement planning strategies, as well as other COVID-19 tax initiatives, please contact your local UHY professional.

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.