IRA deduction

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?

posted

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.**