IRS Extension: The Clock is Ticking!

June 29, 2020 Blog No Comment

July 15th, 2020, the extended deadline for filing and paying taxes is less than a month away. More importantly, the clock is ticking on the deadline to make your 2019 IRA contribution. A few things to take into consideration in making your contribution:

  • If you qualify, your contribution could be tax deductible (consult your tax advisor to see if this applies).
  • You can make both your 2019 and your 2020 contribution at the same time.
    • For a Traditional or a Roth IRA, that could be a combined total of $12,000 ($6,000 contribution for 2019 & $6,000 for 2020).
    • This can give you a boost if you need a greater amount of cash on-hand for your next investment.
  • Making your annual contribution every year could help you build your retirement nest egg more quickly than if it were sitting in your savings account or a taxable brokerage account.

You can’t turn back the clock to reach your retirement goals, so keep your retirement plan on track and call Preferred Trust Company at 702-990-7892 to make your IRA contribution today!

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