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home : opinion : columnist May 16, 2021

5/3/2021 12:01:00 AM
IRA Deadlines Are Approaching
Here is what you need to know.

J. Cain Leonard, CEP®
Leonard Wealth Management


Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2020, will see a few changes and distinctions.

December 31, 2021, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

May 17, 2021, is the deadline for making 2020 annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts. This extension from the traditional April 15 deadline follows an extension of the traditional tax deadlines.1

Some people may not realize when they can make their IRA contribution. You can make a yearly IRA contribution between January 1 of the current year and April 15 of the next year. Accordingly, you can make your IRA contribution for 2021 any time from January 1, 2021 to April 15, 2022.2

Thanks to the SECURE Act, a person can open or contribute to a Traditional IRA past age 70½ as long as they have taxable income.

If you are making a 2021 IRA contribution in early 2022, you must tell the investment company hosting the IRA account for which year you are contributing. If you fail to indicate the tax year that the contribution applies to, the custodian firm may make a default assumption that the contribution is for the current year (and note exactly that to the I.R.S.).

So, write “2022 IRA contribution” or “2021 IRA contribution,” as applicable, in the memo area of your check, plainly and simply. Be sure to write your account number on the check. If you make your contribution electronically, double-check that these details are communicated.

J. Cain Leonard may be reached at 704-735-7427 or cain@leonardwealth.net
www.leonardwealth.net

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investment adviser representative of Leonard Wealth Management, LLC. Investment Advisory Services are offered through Leonard Wealth Management, LLC a NC Registered Investment Adviser. Insurance services are offered through Leonard Insurance Solutions and Leonard Wealth Management, LLC and Leonard Insurance Solutions are affiliated. 04/2021-26


Citations
1. irs.gov, March 29, 2021
2. irs.gov, November 10, 2020



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