We’re just a few short weeks away from the extended IRS federal income tax filing deadline of May 17. This is also the deadline to make Traditional and Roth IRA, self-employed retirement plan, and Health Savings Account contributions for the tax year 2020.
As a reminder, Traditional and Roth IRA contribution limits are $6,000 plus an additional $1,000 for those over age 50 by Dec. 31, 2020. Health Savings Account contribution limits are $3,550 for those on employee-only plans and $7,100 for those on family plans. For those over age 55 by Dec. 31, 2020, there is an additional $1,000 catch-up contribution.
Self-employed retirement plan contributions vary by plan so consult your accountant to confirm your maximum allowable contribution.