Americans have until May 17 to contribute to their 2020 IRAs or health savings accounts
The deadline to contribute to individual retirement accounts and health savings accounts is May 17, the same day that individual federal income tax returns are due, the IRS said Monday.
The announcement comes after the agency postponed the filing deadline to May 17 from April 15 following increased calls for more time following passage of the American Rescue Plan, which made changes to taxes midseason, and tasked the IRS with disbursing another round of stimulus payments.
Americans can contribute to 2020 IRAs and Roth IRAs and HSAs, as well as Archer medical savings accounts and Coverdell education savings accounts, until May 17. Any taxes due on 2020 distributions from IRAs or work-based retirement plans is also due May 17.
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This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.