July 15, 2020 is the deadline for filing your federal income tax return for tax year 2019 or requesting an extension. It is also the deadline to make contributions to your Individual Retirement Accounts (IRAs) and Roth IRAs.
The IRS contribution limit to an IRA for tax year 2019 and 2020 is $6,000. However, anyone over age 50 and under age 70½ who has a traditional IRA can make an additional “catch-up” contribution of up to $1,000, for a total of $7,000.
Roth IRA participants may continue to make annual contributions up to that $7,000 limit after age 70½.
Check deposits transacting at the custodian ( TD Ameritrade) after 4 p.m. ET on July 15, 2020, are not eligible for prior year (2019) contribution treatment. Be sure to put the account number on the check and if the contribution is for 2019 or 2020.