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2020 Taxes and Individual Retirement Accounts (IRAs): There’s Still Time to Save

As you subject yourself to the annual gathering of tax documents and take on your 2020 tax return, make sure you think about one of the best ways to save and possibly cut your tax bill—funding an IRA. There’s still time to get that tax break, depending on your income, but the clock is ticking. You must make your IRA contribution by the extended May 17th, 2021 deadline. The 2020 IRA contribution limit is $6,000 for those under age fifty and $7,000 for those fifty and older.