Deadline for TAX year 2020 Roth Contributions

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superskyliner
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Deadline for TAX year 2020 Roth Contributions

Post by superskyliner »

How do deadlines work for IRA contributions, Specifically ROTH?
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LadyGeek
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Re: Deadline for TAX year 2020 Roth Contributions

Post by LadyGeek »

Welcome! I moved your thread to the Personal Finance (Not Investing) forum which is more amenable to discuss IRA concerns.

On an administrative note, I fixed the spelling in the thread title. Roth is not an acronym. It's the name of a US senator. From the wiki Roth IRA:
Named after US Senator William Roth, Roth IRAs were established by the Taxpayer Relief Act of 1997.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
nalor511
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Re: Deadline for TAX year 2020 Roth Contributions

Post by nalor511 »

superskyliner wrote: Mon Oct 12, 2020 12:40 pm How do deadlines work for IRA contributions, Specifically ROTH?
Usually apr15 of the following year, covid messed with that for 2019 contributions, no way to know what it will be for 2020 contributions, so you are best served assuming apr15,2021
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superskyliner
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Re: Deadline for TAX year 2020 Roth Contributions

Post by superskyliner »

LadyGeek wrote: Mon Oct 12, 2020 12:45 pm Welcome! I moved your thread to the Personal Finance (Not Investing) forum which is more amenable to discuss IRA concerns.

On an administrative note, I fixed the spelling in the thread title. Roth is not an acronym. It's the name of a US senator. From the wiki Roth IRA:
Named after US Senator William Roth, Roth IRAs were established by the Taxpayer Relief Act of 1997.
Thank you :oops:
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superskyliner
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Re: Deadline for TAX year 2020 Roth Contributions

Post by superskyliner »

nalor511 wrote: Mon Oct 12, 2020 1:52 pm
superskyliner wrote: Mon Oct 12, 2020 12:40 pm How do deadlines work for IRA contributions, Specifically ROTH?
Usually apr15 of the following year, covid messed with that for 2019 contributions, no way to know what it will be for 2020 contributions, so you are best served assuming apr15,2021
That's what i thought as well, thanks for your help.
Im trying to come up with a plan to fund a roth to the allowable limit of 6k and it would help to know the target date. Thanks again
Soon2BXProgrammer
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Re: Deadline for TAX year 2020 Roth Contributions

Post by Soon2BXProgrammer »

superskyliner wrote: Mon Oct 12, 2020 4:32 pm
nalor511 wrote: Mon Oct 12, 2020 1:52 pm
superskyliner wrote: Mon Oct 12, 2020 12:40 pm How do deadlines work for IRA contributions, Specifically ROTH?
Usually apr15 of the following year, covid messed with that for 2019 contributions, no way to know what it will be for 2020 contributions, so you are best served assuming apr15,2021
That's what i thought as well, thanks for your help.
Im trying to come up with a plan to fund a roth to the allowable limit of 6k and it would help to know the target date. Thanks again
if you have an emergency fund. you can always make the contribution out of your emergency fund.. Just don't actually invest the money. and then work hard to refill your emergency fund.

Roth IRA's have a rule that you can take your contributions out. So you would only want to do this if it was a true hair on fire emergency.

But if your going to miss the 4/15 contribution date, you might as well put your emergency fund in the Roth IRA, then refill the fund. (just don't invest the money)
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superskyliner
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Re: Deadline for TAX year 2020 Roth Contributions

Post by superskyliner »

Soon2BXProgrammer wrote: Mon Oct 12, 2020 4:35 pm
superskyliner wrote: Mon Oct 12, 2020 4:32 pm
nalor511 wrote: Mon Oct 12, 2020 1:52 pm
superskyliner wrote: Mon Oct 12, 2020 12:40 pm How do deadlines work for IRA contributions, Specifically ROTH?
Usually apr15 of the following year, covid messed with that for 2019 contributions, no way to know what it will be for 2020 contributions, so you are best served assuming apr15,2021
That's what i thought as well, thanks for your help.
Im trying to come up with a plan to fund a roth to the allowable limit of 6k and it would help to know the target date. Thanks again
if you have an emergency fund. you can always make the contribution out of your emergency fund.. Just don't actually invest the money. and then work hard to refill your emergency fund.

Roth IRA's have a rule that you can take your contributions out. So you would only want to do this if it was a true hair on fire emergency.

But if your going to miss the 4/15 contribution date, you might as well put your emergency fund in the Roth IRA, then refill the fund. (just don't invest the money)
AHh thats a good tip, ill resort to that if i cant fund via regular means by the deadline. Thank you
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HueyLD
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Re: Deadline for TAX year 2020 Roth Contributions

Post by HueyLD »

superskyliner wrote: Mon Oct 12, 2020 12:40 pm How do deadlines work for IRA contributions, Specifically ROTH?
IRS says:

"What is the deadline to make contributions?”
"Your tax return filing deadline (not including extensions). “

In years when April 15 falls on a Saturday, a Sunday, or Emancipation Day (April 16), the deadline is extended accordingly.
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