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RETIREMENT CONTRIBUTIONS AND THE CORONAVIRUS CRISIS

Posted on April 14, 2020 in Firm News

The deadline for you to contribute to your traditional and ROTH IRAs (Individual Retirement Accounts) has also been extended to July 15, 2020 for the tax year 2019. The contribution limits remain the same – $6,000 per person plus another $1,000 if you are over the age of fifty, subject to certain income limitations. If you are contributing to an IRA SEP (simplified employee pension), which are popular with small businesses and the self – employed, then you must file an extension by July 15, 2020 if you want to extend that contribution date to October 15, 2020. There is no additional extension available for traditional or Roth IRAs.