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20 Second Advisor: July 15th deadline for retirement and education contributions

The July 15, 2020 nationwide deadline for filing an individual income tax return for tax year 2019 is approaching. It is also the deadline for certain contributions to IRAs, Roth IRAs, and Coverdell Education Savings Accounts (CESA).

A few things to remember

  • IRA contribution limit for tax year 2019 is $6,000. Anyone over age 50 and under 70 1/2* can contribute up to $7,000.
  • Roth IRA contribution limit for tax year 2019 is also $6,000. Anyone over age 50 can contribute up to $7,000. No limit after age 70 1/2
  • Keep in mind that your income can limit contributions for Roth IRAs and contributions/deductibility for IRAs.
  • CESA contribution limit for tax year 2019 is $2,000 per student. Contributions aren’t deductible.

*Note: Effective tax year 2020, this age restriction is no longer in place.

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