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  • AvatarClarence Gilstad
    Participant
    Post count: 30

    When can a person start making contributions to 2021? Do you have to wait for Jan 1 or can it be done sooner?

    THANKS
    Clarence

    Sean HymanSean Hyman
    Keymaster
    Post count: 4537

    You’d want to ask your broker or CPA that question. But I believe you have to wait until Jan 1. But don’t trust my answer. Ask your broker or CPA for the official answer.

    AvatarTheresa OConnor
    Participant
    Post count: 15

    Hi Clarence,

    I’m a CPA. 2021 IRA contributions can be made between Jan. 1, 2021 and April 15, 2022.

    Sean HymanSean Hyman
    Keymaster
    Post count: 4537

    Good to hear from a CPA. I know I’ve got at least a few CPAs as subscribers. Glad to have y’all here.

    AvatarClarence Gilstad
    Participant
    Post count: 30

    Thanks so much for the information
    Now just hope the market correction is in full force by then, so we can buy on sale

    Sean HymanSean Hyman
    Keymaster
    Post count: 4537

    You should still make the contribution, even if it sits in your money market fund inside of your IRA account, awaiting the right time for investment. Because when you contribute, it doesn’t immediately have to be invested. Yet with the contribution made, you’re saving for your retirement and tax-advantaging your situation as well.

    AvatarJoeCPA
    Participant
    Post count: 87

    Hi Clarence, if your question is when can I contribute to my IRA for 2021 because I have already contributed to my IRA for 2020, then the answer is you can contribute to your IRA for 2021 during 1/1/2021 through 4/15/2022. If you have not contributed to your IRA for 2020, then you have until 4/15/2021 to contribute to your IRA and designate the contribution for the calendar year 2020. And this assumes that you can contribute to an IRA (deductible one) because not everyone is eligible to make tax deductible contributions to an IRA. Consult your tax advisor before doing anything.

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