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ira funding

gk1
Level 1

since indiv returns are not due until may 17 can the ira funding wait until may 17 also?

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8 Replies 8
qbteachmt
Level 15

It is worded as based on the due date of the return with extensions. It's a relative deadline, not absolute.

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"Level Up" is a gaming function, not a real life function.
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TylorValdez1
Employee
Employee

We are awaiting further guidance from the IRS regarding the deadline to make contributions to your Individual Retirement Account (IRA) for 2020. The current deadline without extension is April 15. You can contribute a maximum of $6,000 to an IRA for 2020, plus an extra $1,000 if you are 50 or older and make an impact on your 2020 taxes.

If you are self-employed, you can contribute to a Simplified Employee Pension (SEP) IRA as much as the lesser of 25% of your net earnings or up to $57,000 for 2020, and your contributions may be tax-deductible as a business expense. You can contribute to your SEP IRA until the October 15 extended deadline.

We will provide updates regarding IRA contributions as soon as the IRS provides guidance.

abctax55
Level 15

@TylorValdez1 

Hi... if you are an Intuit employee, you should identify yourself as such to avoid confusion.  Thanks.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
TylorValdez1
Employee
Employee

Done. Thanks for the comment.

qbteachmt
Level 15

@TylorValdez1 

Woo-hoo; look at that pretty label!

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"Level Up" is a gaming function, not a real life function.
abctax55
Level 15

YVW... us regulars can tell by your 'words' but the others, not so much.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
qbteachmt
Level 15

"us regulars can tell by your 'words' "

I didn't recognize what was happening; it was a good callout.

@TylorValdez1 

Do you have topic moving powers? I see you answering Lacerte, and the SDK forum gets some end users:

https://proconnect.intuit.com/community/lacerte-sdk-group/gp-p/501

I don't know if you can monitor that and move them when you see them? Thanks.

 

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"Level Up" is a gaming function, not a real life function.
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TylorValdez1
Employee
Employee

I do not have those super powers, am very familiar with Lacerte and the inputs needed to get a returns prepared. I am a support representative. 

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