Important IRA Contribution Information
As a result of the due date for filing Federal income tax returns postponement to July 15, 2020, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
In addition to extending the 2019 IRA contribution deadline to July 15, 2020, the requirement of individuals, including beneficiaries, to take their 2020 required minimum distributions (RMDs) from their IRAs has been waived. This RMD waiver would include individuals who turned 70½ in 2019, but did not take their RMD before January 1, 2020.
Taking advantage of the tax benefits of an IRA can be a smart financial move. Whether you expect your career to last a few more decades, or you’re nearing retirement, an IRA can be a versatile financial solution to enjoy tax benefits* and boost your savings.
Even if you participate in a retirement plan through your employer, you can open an IRA for additional security. You can also roll over funds from previous employer-sponsored plans into an IRA to keep your tax-deferred dollars working for you.
Take more control over your finances.
Opening your account is easy. Apply now or contact us today. Our experts can help you select the best plan, optimize your savings, and even set up automated contributions. If you're new to IRAs, review your choices below.