Now that Treasury Secretary Steven Mnuchin has extended the 2019 tax filing date to July 15, the deadline for making a 2019 contribution to an individual retirement account or Roth IRA is automatically extended to July 15. Normally there is no extension for making a prior year IRA contribution beyond the April 15 filing date for that year’s tax return, even if the IRA owner files for an extension.
This will be extremely helpful. Many people make prior year IRA contributions at the last minute, even in normal times. Given the current dire circumstances, it might be tough to get those checks into IRAs if advisers’ offices are either closed or working with skeleton crews.
One administrative issue
If you have clients who will be making 2019 IRA or Roth IRA contributions after April 15 (but by July 15), make absolutely certain that the contribution is earmarked for 2019. Some financial institutions may have systems in place to code any IRA contribution made after April 15, 2020, as a 2020 IRA contribution. Watch out for this for your clients. Make sure clients mark their checks as 2019 IRA contributions.
[More: No stretch IRA? No problem]
For more information on Ed Slott, Ed Slott’s 2-Day IRA Workshop and Ed Slott’s Elite IRA Advisor Group, please visit www.IRAhelp.com
The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.
The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.
Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."
Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.
The broker-dealer giant's latest acquisition agreement extends its push towards offering enhanced financial planning and investment management.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.