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
Christopher Blotto moved this month to Janney Montgomery Scott.
Finturk also added new form-filling and cash sweep tools to its AI-first CRM platform, while Zeplyn builds advisor coaching into its own AI operating system
“Ultimately, you just try to embrace collaboration,” said Greg Merrill of UBS.
Building on its Personal Office platform, NorthRock Partners' latest transaction brings more than $200 million in assets under management and five employees to the growing RIA.
Expanded deal pairs succession-planning software with a broker-dealer network already logging rapid AI adoption among 11,000 advisors.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
