Tax season is here, but there’s still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020 ($7,000 if you were 50 or older on or before December 31, 2020).
For most taxpayers, the contribution deadline for 2020 is April 15, 2021.
You can contribute to a traditional IRA, a Roth IRA, or both, as long as your total contributions don’t exceed the annual limit (or, if less, 100% of your earned income). You may also be able to contribute to an IRA for your spouse for 2020, even if your spouse didn’t have any 2020 income.
Don’t miss this opportunity to make a contribution! Every dollar you contribute to your Polish Falcons IRA will earn tax-deferred interest AND you may be able to deduct your contributions on your federal tax return, which puts more money in your pocket!
Contact John Denning at 800-535-2071 or jdenning@polishfalcons.org to learn more.
Additional information at irs.gov.
Polish Falcons of America and its Representatives do not offer tax or legal advice. Please consult an appropriate professional regarding your situation.