IRA contributions for 2019 extended to July 15
|RAs play an important role in helping your clients achieve long-term financial goals. With the extension of tax season, this window of opportunity remains open.
On March 18, 2020, in response to the President’s COVID-19 Emergency Declaration, the
Department of the Treasury and the Internal Revenue Service issued a Notice extending the normal Federal tax filing deadline from April 15 to July 15. In addition to extending the Federal filing deadline this notice also allows…
- Tax deductible IRA contributions for 2019
- Tax deductible contributions to a Health Savings Account (HSA)
- Employer business contributions to qualified plans
- Employer set up and implementation of a Simplified Employee Pension Plan (SEP-IRA)
…up to the July 15 deadline.
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Why IRAs. Why now.
Because IRA’s can be a powerful tool for long-term financial goals.
Growth from interest compounds year-over-year with the taxes deferred. Over an extended period of time, this tax-deferred compounding, can make a significant difference in overall retirement savings.
And, depending on which kind of IRA you choose, you can defer taxes on the money going in now or have tax free withdrawal of the money coming out later if Roth rules are met.
Take a look at the four most common types of IRAs and identify your clients for whom they may work well.
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