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It’s not every day you get a “two for one” opportunity. This year, with stocks selling at a nearly 20% discounted rate and the IRA contribution deadline extended 90 days, you can take advantage of such a deal. Contributing to an IRA, either Traditional or Roth, gives you the ability to benefit from powerful tax deferral. For Roth IRA contributions (or conversions), that deferred growth continues tax free. Tax deferral on market assets bought “on sale” presents a rare chance for big gains and to later diversify and capture those gains without tax consequences.
The deadline to contribute to an IRA is normally the same as the deadline to file your tax return: April 15. Due to the current coronavirus pandemic, the federal government extended the tax filing and IRA contribution deadlines to July 15, 2020. Don’t forget…since it is already 2020, you can double your investment by putting in your 2020 contributions, as well.
If you haven’t maxed out your IRA contributions for 2019 and 2020, you still have time. The total contribution limit for IRAs in 2019 and 2020 is $6,000 ($7,000 if age 50 or older, as of 12/31/19).
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.