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M
MiJoMo01
Level 2
July 23, 2020
Solved

IRA contribution for 2019 during the extension after July 15

  • July 23, 2020
  • 2 replies
  • 0 views

If my client contributes to IRA after July 15 and before October 15?

Also, can the client make withdrawal from that IRA during 2021?

This topic has been closed for replies.
Best answer by Just-Lisa-Now-

Youre too late to make a 2019 IRA contribution, it needed to be done by July 15th

2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community ChampionAnswer
Intuit Community Champion
July 23, 2020

Youre too late to make a 2019 IRA contribution, it needed to be done by July 15th

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    sjrcpa
    sjrcpa
    Level 15
    July 23, 2020

    Makng it now will be a 2020 contribution.

    The more I know the more I don’t know.
      qbteachmt
      qbteachmt
      Level 15
      July 23, 2020

      "can the client make withdrawal from that IRA during 2021?"

      Typically, yes, depending on the account type, the age of the client, etc; and that might or might not be subject to tax + penalty, of course.

      You really are not giving enough details.

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