Skip to content
BOL Conferences
Thread Options
#2233474 - 03/23/20 03:23 PM IRS Guidance on Extension of Prior Yr IRA Cont?
StevenD Offline
Gold Star
StevenD
Joined: Nov 2000
Posts: 489
KY
With the tax filing deadline extended to 07/15, has anyone seen anything from the IRS that addresses the extension of the time to accept a prior year deposit on IRAs?
_________________________
Opinion expressed are my own and not necessarily those of my employer.

Return to Top
Deposits and Payments
#2233533 - 03/23/20 09:04 PM Re: IRS Guidance on Extension of Prior Yr IRA Cont? StevenD
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I haven't seen anything specific from the IRS.

The actual notice of the postponement is found HERE.
It includes this statement:

"The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year. No extension is provided in this notice for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return."

I have seen a few statements that the deadline is the filing deadline for the tax year. The statement quoted above, though, gives me concern. I'd want a positive statement from the IRS before accepting a 2019 IRA deposit after April 15.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2233579 - 03/24/20 06:06 PM Re: IRS Guidance on Extension of Prior Yr IRA Cont? StevenD
StevenD Offline
Gold Star
StevenD
Joined: Nov 2000
Posts: 489
KY
Questions # 17 and 21 on this web page were updated today to indicate that the contribution deadline is extended.

https://www.irs.gov/newsroom/filing...answers#collapseCollapsible1585070689083

I have seen no other official announcements.
_________________________
Opinion expressed are my own and not necessarily those of my employer.

Return to Top
#2233585 - 03/24/20 06:44 PM Re: IRS Guidance on Extension of Prior Yr IRA Cont? StevenD
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
That clinches it. I guess because of the way the deadline is defined in Pub. 590-A and similar IRS publications, it is tied to the established filing deadline for the year in question, and because the filing deadline for 2019 has been pushed back three months to July 15, the deadline for the 2019 contribution to an IRS was pushed back with it.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett