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Level 1
March 27, 2021
Question

IRA deduction

  • March 27, 2021
  • 1 reply
  • 2 views

My wife and I elected to take the traditional IRA deduction for tax year 2020.  How do we officially enroll and make the contribution by May 17 2021 to complete our obligation?

 

1 reply

macuser_22
Alumni - Champ
Alumni - Champ
March 27, 2021

Open a Traditional IRA at a bank or financial institution of your choice and deposit the money in it for 2020.    Be sure to inform the IRA custodian that it is for 2020 and not 2021.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**