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IRA CD for 2019 Tax filing

I still didn't file my taxes yet for 2019. Tax filing date and IRA contribution date has been extended till July 15, 2020. If my open an IRA CD (not IRA, it's IRA CD) now and contribute amount there, can I still show it as a deduction on 2019 tax filing? 

Also is there any difference of tax advantage in between traditional IRA or Traditional IRA CD? It will be great help If anyone replies! 

 

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Employee Tax & Finance Expert

IRA CD for 2019 Tax filing

An IRA CD is simply an IRA where all the money is invested in certificates of deposit (CDs).

 

There is no difference tax wise between a Traditional IRA and a Traditional IRA CD. If you contribute to an IRA CD by July 15, 2020, you can deduct it on your 2019 tax return (subject to limitations due to MAGI).

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