Deadline Extended to July 15, 2020
Make the most of your retirement savings by contributing the maximum yearly limit to your IRAs. For the 2019 tax year, you can contribute a total of $6,000 to Traditional or Roth IRAs. If you are over age 50, you can contribute an additional $1,000 “catch-up” contribution. Please submit your IRA contribution in advance of the tax filing deadline to allow plenty of time to complete the necessary paperwork.
IRA contributions for 2019 can be made until the extended tax filing deadline of July 15, 2020.
You will not receive in the mail a 5498 or 5498-ESA for prior year contributions until after July 15, 2020, due to the tax filing deadline extension.
Please consult your tax advisor or financial advisor with questions about your individual tax circumstances.
If you don’t have an IRA, get started today at slfcu.org/IRAs. SLFCU offers traditional or Roth IRAs, Education Savings Accounts, and IRA Certificates. Open your IRA account with as little as $5.
CARES ACT WAIVES 2020 REQUIRED MINIMUM DISTRIBUTION (RMD)
To help savers retain more in their retirement accounts, the CARES Act waives the required minimum distribution (RMD) in 2020 for plan participants, IRA owners, and beneficiaries.
RMDs normally required to be taken for 2020 are waived. This waiver also applies to individuals who turned 70½ in 2019 but who did not take their first RMD before January 1, 2020. In the absence of additional relief, the next RMD for those individuals must be taken by December 31, 2021.
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