Individual Retirement Account (IRA) Contribution Deadline Extended
The Internal Revenue Service (IRS) has moved the 2020 individual federal income tax filing deadline from April 15 to May 17 this year. This new income tax filing deadline also means extra time to make your 2020 IRA contribution. This applies to both Traditional IRAs and Roth IRAs.
If you already have an IRA but have not made your contribution for the 2020 tax year, you have until May 17, 2021 to do so and take advantage of the potential tax benefit. If do not have an IRA, you may open one at any Burke & Herbert Bank branch and make your contribution for 2020 as long as you do that by May 17.
Individuals under 50 years old may contribute up to $6,000 for the 2020 tax year. The maximum contribution for those 50 and older is $7,000. Contributions may not exceed the amount of your earned income for the year. For details, please consult your tax advisor.
Learn more about IRAs at Burke & Herbert Bank here.