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2020 Tax Filing Deadline Quickly Approaching

 

We are near the end of tax season.  Hopefully you are comfortably ahead of the tax filing deadline curve, but if not, time is running out. 

 

The nationwide deadline for filing an individual federal income tax return for tax year 2020,or requesting an extension, has been extended from April 15, 2021, to May 17, 2021.  It is also the deadline to make certain contributions to your Individual Retirement Accounts (IRAs), Roth IRAs, and Coverdell Education Savings Accounts.

The IRS contribution limit for an IRA for tax year 2020 is $6,000. However, anyone over age 50 who has a traditional IRA or Roth IRA and is eligible to make a contribution (see IRS Publication 590-A for more information) is entitled to make an additional "catch-up" contribution of up to $1,000, for a total of $7000.

 

Certain taxpayers impacted by winter storms in 2021 have received an extension to contribute to their IRA or ROTH IRA for tax year 2020 by no later than June 15, 2021. Please visit the IRS site for more information about this. If this situation arises you are permitted to fund their IRA by June 15, 2021 for tax year 2020.  However, you will need to contact us (or your IRA custodian if you are not a Fullen Financial client)  to find out the process for making this contribution. 

Fullen Financial is not giving tax advice here.  However, we will be happy to discuss your specific situation if you contact us.