topic IRA Contribution in Retirement tax questions

IRA Contribution

Comtech — Sun, 21 Feb 2021 19:33:59 GMT

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

Re: IRA Contribution

MikeinSC — Sun, 21 Feb 2021 19:43:11 GMT

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

Re: IRA Contribution

Comtech — Sun, 21 Feb 2021 19:56:25 GMT

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

Re: IRA Contribution

MikeinSC — Mon, 22 Feb 2021 11:46:05 GMT

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.