The IRS clarified some questions about the 2019 individual income tax return filing deadline delays today. In an FAQ page released today, the IRS clarified that IRA contribution deadlines and HSA contribution deadlines for 2019 were extended to July 15, 2020, the new filing deadline for 2019 individual income tax returns.
These are two of the questions answered by the IRS on their website.
Q17. Does this relief provide me more time to contribute money to my IRA for 2019?
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Q21. Does this relief provide me more time to contribute money to my HSA or Archer MSA for 2019?
A21. Yes. Contributions may be made to your HSA or Archer MSA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020. For more details on HSA or Archer MSA contributions, see Publication 969, Health Savings Accounts and other Tax-Favored Health Plans.
With the extension of IRA contribution deadlines in 2020, you have additional time to plan your tax saving strategies.
