Retirement Contributions Deadline Approaching

05/14/2021

Retirement Contributions Deadline Approaching image

Overview

Tax Day, typically April 15th was pushed back to May 17th. This means there is still time to make your 2020 retirement contributions! Here are the amounts that individuals are eligible to contribute to their Individual Retirement Account (IRA) before the May 17th contribution deadline.

IRA Contribution Limits

For tax year 2020, the IRS published the following limits on IRAs:

  • Standard Contribution Limit – $6,000 per taxpayer
  • Catch-Up Contribution Limit (Applies to savers Age 50 And Over) – $7,000 per taxpayer

These limits apply to all IRA accounts for an individual taxpayer. A single taxpayer could split up to $6,000 between his Roth IRA and traditional IRA. A married couple could invest up to $12,000 in their combined accounts. Contributions are subject to certain limitations.

HiAccounting is on top of the latest tax news and updates. Our local of team of CPAs, accounting and tax professionals are here to help! Contact us today at 808.529.9990 and our team can help you navigate the tax rules of saving money for retirement. 

Get In Touch

HiAccounting would be pleased to get in touch to discuss your accounting needs.

Services
Services

Maui Office

24 N Church Street
Wailuku, HI 96793
Phone 808.356.4357

Oahu Office

700 Bishop St. Suite 600
Honolulu, Hi 96813
Phone 808.529.9990

Office Hours

Monday - Friday
8:00am - 5:00pm
Closed on Holidays
AccountingToday Best Accounting Firms to Work For 2020
Hawaii Business Top 250 2011-2020
Hawaii Business Best Places to work 2011-2020
BBB Torch Awards for Ethics