Did you know you can still contribute to your IRA/SEP for 2019 until July 15, 2020? Due to Covid-19, the deadline has been extended to coincide with the tax deadline.
It’s not too late to save money in your traditional or Roth IRA.
This year’s contribution limits are $6,000 if you are under 50 or $7,000 if you are age 50 or older.
It is good to remember this limit is per person, not per retirement account. And don’t forget you need to have earned income in order to contribute to an IRA.
Do you have a SEP IRA?
The contribution you make to each employee’s SEP-IRA cannot exceed the lesser of 25% of the compensation or $56,000 for 2019 and $57,000 for 2020.