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Level 2
Feb 21, 2021 7:33 PM UTC
Question

IRA Contribution

What are the requirements/restrictions to contributing to an IRA now for previous years taxes?

3 replies

Level 5
Feb 21, 2021 7:43 PM UTC

You have until April 15, 2021 to contribute for the tax year of 2020.  You cannot make contributions for years 2019 and earlier.

 

 

ComtechAuthor
Level 2
Feb 21, 2021 7:56 PM UTC

Is there an income limit/ceiling to use this feature?

Level 5
Feb 22, 2021 11:46 AM UTC

There is no income limit or ceiling on the date for making a contribution. 

There are limits/ceilings on what type of IRA (Roth vs regular) you can do and whether it is deductible or not if a regular IRA.  The maximum amount is based on earned income and age.

This gives you the information about IRA's.