In a recently published Q&A session, the IRS has important provided updates on relief for taxpayers affected by the ongoing coronavirus pandemic, including information on workplace-based employment plans and IRAs.
To align with the extended due date for 2019 tax returns, the IRS has also extended the deadline for making IRA contributions during the 2019 tax year to July 15.
If you would like more information on filing and payment deadlines for this year, please take a look at the full transcript from the IRS in the link below:
Individual Retirement Accounts (IRAs) and workplace-based retirement plans
Q17. Does this relief provide me more time to contribute money to my IRA for 2019?
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Q18. If I owe the 10% additional tax on amounts includible in gross income from a distribution that I took from my IRA or workplace-based retirement plan in 2019, is the due date for paying that additional tax also extended to July 15, 2020 on account of this relief?
A18. Yes, because the 10% additional tax is calculated, reported, and paid at the same time as the income tax owed on the amounts includible in gross income on the distribution, the reporting and payment of the 10% additional tax also has been extended to July 15, 2020 as a result of this relief.
Page Last Reviewed or Updated: 31-Mar-2020