You’ve Got More Time to Fully Fund IRA

Share this:

WAXHAW, NC – The federal income tax filing deadline has been extended for individual taxpayers from April 15 to May 17 – so you’ve got an extra month to contribute to some tax-advantaged investments for the 2020 tax year.

You can put up to $6,000 into your IRA, or $7,000 if you’re 50 or older. With a traditional IRA, your contributions are generally tax deductible. Roth IRA contributions are not deductible, but earnings can grow tax-free if you meet certain conditions.

If you’re self-employed, or a small business owner who files as a sole proprietor, you’ve got an extra month to contribute to your SEP IRA. Consult your tax advisor to determine how much you can contribute and how much can be deducted from your taxes.

Also, if you withdrew funds from your IRA or 401(k) last year under the special rules enacted for COVID-19 and you “recontribute” some of the money before the new May 17 deadline, you can exclude this recontribution from your taxes. Any amount you don’t recontribute will generally be taxable over three years.

The new deadline gives you some opportunities – try to take advantage of them.

Member SIPC

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

Dylan Hales – Edward Jones Financial Advisor – (704) 684-0103

Share this:

Previous articleWaxhaw VFD Swears In Three New Members
Next articleWalk-ins Now Accepted At All Novant Health Vaccination Sites
Dylan Hales
I'm a native North Carolinian, who grew up in the eastern part of the state. My folks exhibited and instilled many of the values that I still hold close to today. I had the opportunity to earn a bachelors from NC State, which is where I met my wife. We married shortly after she graduated in 2016. She grew up in this area, so we moved back to the Wesley Chapel area so we could be close to her family. Folks here have been more than welcoming and have made it feel just like home (minus the eastern NC BBQ).

People often ask what I like to do when I'm not at the office. That mostly depends on what time of year it is. During the spring and summer I like to work on my garden. During the fall and winter I love keeping up with NC State football and basketball. We also have two rescue dogs who like to explore the state with us.

Since I've been in Wesley Chapel, I've noticed that most folks just like me. We're all from somewhere and we've all come here following the things we love. I want to understand what those things are for you, and help get you there.