It may be 2020 but it’s not too late to contribute to an IRA for tax year 2019.
Annual contribution limits may seem insignificant, but coupled with compounding and tax benefits these small contributions can add up in a major way over time.
The figures below are the amounts you can contribute to a Roth IRA or traditional IRA.
IRA Contributions limits for 2019
If you’re under age 50
Up to $6000
If you’re age 50 or older
Up to $7,000
To make a contribution, you have to be eligible, which means you must either:
- Have earned income, or
- Have a spouse with earned income and file a joint tax return.
If you have more than one IRA, your total combined contribution to all your accounts cannot exceed the above limits.
IRA Contribution Deadline
The deadline for making IRA contributions for tax year 2019 is April 15, 2019.
Don’t miss out
An IRA can be an fundamental part of your retirement savings gameplan. It offers a tax optimized way to help build your retirement nest egg. Even if you have a retirement plan at work, you may contribute to an IRA.
Don’t pass up this opportunity to help prepare for your financial future
Opening an IRA is easy! For those who want to start investing, but would like a partner in their journey, we can help. Opening an IRA with me is easy. Follow this link, click on Get Started, enter 86R3 in the Advisor Program Key, answer a few questions and you’re all set. At Miles Brown Asset Management, we can help you find and investment strategy that’s tailored to meet your financial goals. To learn more, please contact us today.
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