1996496
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

matttco18
New Member

Is it too late to contribute to my IRA for 2020 to offset the penalty for early withdrawal in 2020 on IRA used while going thru divorce since we're in 2021?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MarilynG1
Expert Alumni

Is it too late to contribute to my IRA for 2020 to offset the penalty for early withdrawal in 2020 on IRA used while going thru divorce since we're in 2021?

No, it is not too late to make an IRA Contribution for 2020.  You have up to tax filing deadline of April 15 to do so.

 

Click this link for info on Tax Tips After January 2021.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

Is it too late to contribute to my IRA for 2020 to offset the penalty for early withdrawal in 2020 on IRA used while going thru divorce since we're in 2021?

Although it's not too late to make an IRA contribution for 2020, an IRA contribution won't do anything to reduce the early-distribution penalty on the IRA distributions that you received in 2020.  A new IRA contribution is not a rollover.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question