Normally, the deadline to make regular Traditional and Roth IRA contributions is by the IRA owner’s federal tax return due date (April 15).
As a result of the Treasury Department and Internal Revenue Service extending the 2019 tax filing deadline for 2019 to July 15, 2020, both Traditional and Roth IRA contributions for 2019 may also be made by July 15, 2020. State income taxes will still need to be filed and paid by the normal deadline.
IRA owners can file their tax returns before making Traditional and Roth IRA contributions, as long as they make those contributions by the tax filing deadline, excluding extensions. For instance, an individual who filed his 2019 tax return on April 1, 2020, could still make a 2019 contribution after that, up until July 15, 2020.
This is an automatic extension, so no phone call to the IRS or filing of forms is required.
Regardless of the amount owed, federal income tax payments due on April 15, 2020 have also been deferred to July 15, 2020.
Click here to vie the IRS Coronavirus tax relief page.
This extension to make the 2019 solo 401k annual contribution by July 15, 2020 also applies to certain solo 401k plans. VISIT HERE to learn more and visit IRS Notice 2020-18.
