Facebook Thepostsearchlight.png

2020 IRA Deadlines are approaching – The Post-Searchlight

Financially, many of us associate April with taxes – but we should also associate December with important IRA deadlines.

December 31, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

April 15, 2021 is the deadline for making annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts.

Some people may not realize when they can make their IRA contribution. You can make a yearly IRA contribution between January 1 of the current year and April 15 of the next year. Accordingly, you can make your IRA contribution for 2020 any time from January 1, 2020 to April 15, 2021.

Thanks to the SECURE Act, traditional IRA owners can now contribute to their IRAs past age 72 as long as they have taxable income.

If you are making a 2020 IRA contribution in early 2021, you must tell the investment company hosting the IRA account for which year you are contributing. If you fail to indicate the tax year that the contribution applies to, the custodian firm may make a default assumption that the contribution is for the current year (and note exactly that to the I.R.S.).

So, write “2021 IRA contribution” or “2020 IRA contribution,” as applicable, in the memo area of your check, plainly and simply. Be sure to write your account number on the check. If you make your contribution electronically, double-check that these details are communicated.

Keith Lyle is a Registered Principal with Cetera Advisors LLC and may be reached at 229-246-1775 or
[email protected] Website: www.brannenlyle.com
Securities offered through Cetera Advisors LLC, Member FINRA/SIPC.
Some advisory services offered through Cetera Advisors LLC and some offered through Brannen & Lyle Investment Company, registered investment advisers.
Cetera is under separate ownership from any other named entity.
Brannen & Lyle Investment Company is not affiliated with Cetera Advisors LLC.
410 S. West Street, Bainbridge, GA 39819 ∙ PO Box 1590, Bainbridge, GA 39818
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Scroll to Top
Malcare WordPress Security