Extended Deadline for Contributions

Did you know?  The tax filing deadline has been extended.

If you have an IRA, Roth IRA, or an HSA account, good news!  The IRS has extended the deadline for 2020 contributions.

The NEW tax filing deadline is now May 17, 2021, which is also the extended date to make prior year contributions to IRAs, Roth IRAs, and HSAs.

For IRAs and Roth IRAs, you may contribute up to $6,000 and for those over 50, you are eligible to contribute up to $7,000.  The 2021 contribution limits remain unchanged.

For those members with HSAs, individuals can contribute $3,550, and $7,100 is the limit for family coverage for 2020.  And, for those over 55, you are able to contribute an extra $1,000.  These limits have increased to $3,600 and $7,200 for 2021.

Further info about IRAs, Roth IRAs, or HSAs, can be found on CODE’s website.  You can also contact Harrison Wealth Management Group for more information about these investments and more.