Recently, the IRS announced tax relief for Americans by extending the Tax Filing Deadline. The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021.
An additional extension is also available for those affected by the Texas winter storms. The Internal Revenue Service shared in February that victims of the winter storms that began February 11, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments.
How Does This Affect My IRA?
With these extensions, more investors will have time to make their 2020 IRA contributions. If you haven’t made your 2020 contribution, you now have until May 17th to make any previous year contributions, and those affected by the Texas winter storm will have additional time – up to June 15th – to contribute. Your IRA is one of the most important tools you have when planning for the future, and one of the best ways to help your IRA grow is by making yearly contributions.
Where Can I Get More Information?
The IRS will be providing formal guidance as we move closer to these deadlines, but the most up-to-date information can always be found on the IRS website HERE. If you have Self-Directed IRA questions, you can always contact a Quest Certified IRA Specialist by giving us a call at 281-492-3434 or emailing us at IRASpecialists@QuestTrust.com.