I work for a company and have a 401K retirement plan. Married filing jointly and am over 50 yrs old. I have a Traditional IRA. Am I correct in my belief that I can contribute up to $7000 ($6000 + 1000 since over 50 yrs old) for the 2020 tax year? And I can contribute this amount up to the tax deadline date of April 15, 2020 (now extended to May 17th)? Thank you.
All correct (assuming that you have at least $7,000 of compensation to support the IRA contribution). However, a traditional IRA contribution may or may not be deductible depending on your modified AGI for the purpose: