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IRA Contribution Deadline Extended

03/30/2021

The IRS is giving us all more time to gather the funds to make our 2020 IRA contributions. The usual deadline of April 15 has been extended, just as the deadline for filing our federal tax returns, to May 17.

According to the IRS release, “In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).”

The postponement also extends to May 17 the deadline for reporting and payment of “the 10 percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans,” the release noted. It also moves back “the due date for Form 5498 series returns related to these accounts to June 30, 2021.”

The IRA contribution deadline is one of multiple extensions and postponements the IRS has announced to address some of the financial challenges Americans encountered in 2020 resulting from the COVID-19 pandemic. Contact your financial advisor for complete details.

IMPORTANT DISCLOSURES

The information included in this document is for general, informational purposes only. It does not contain any investment advice and does not address any individual facts and circumstances. As such, it cannot be relied on as providing any investment advice. If you would like investment advice regarding your specific facts and circumstances, please contact a qualified financial advisor.

Any investment involves some degree of risk, and different types of investments involve varying degrees of risk, including loss of principal. It should not be assumed that future performance of any specific investment, strategy or allocation (including those recommended by HBKS® Wealth Advisors) will be profitable or equal the corresponding indicated or intended results or performance level(s). Past performance of any security, indices, strategy or allocation may not be indicative of future results.

The historical and current information as to rules, laws, guidelines or benefits contained in this document is a summary of information obtained from or prepared by other sources. It has not been independently verified, but was obtained from sources believed to be reliable. HBKS® Wealth Advisors does not guarantee the accuracy of this information and does not assume liability for any errors in information obtained from or prepared by these other sources.

HBKS® Wealth Advisors is not a legal or accounting firm, and does not render legal, accounting or tax advice. You should contact an attorney or CPA if you wish to receive legal, accounting or tax advice.


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