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IRA contribution for 2019 during the extension after July 15

Level 1

If my client contributes to IRA after July 15 and before October 15?

Also, can the client make withdrawal from that IRA during 2021?

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Level 15
Level 15

Youre too late to make a 2019 IRA contribution, it needed to be done by July 15th


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15
Level 15

Youre too late to make a 2019 IRA contribution, it needed to be done by July 15th


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15

Makng it now will be a 2020 contribution.


ex-AllStar
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Level 12

"can the client make withdrawal from that IRA during 2021?"

Typically, yes, depending on the account type, the age of the client, etc; and that might or might not be subject to tax + penalty, of course.

You really are not giving enough details.

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