Due to the ongoing COVID-19 health emergency, the filing date for federal income tax returns has been postponed until July 15, 2020. This also means that the deadline for making contributions to your IRA for 2019 has been extended to the same date — July 15.
You have three extra months to make contributions to your IRA and Roth IRA that could have potential tax consequences for 2019. People under 50 years of age can make contributions to their IRAs up to $6,000; if you’re over 50 you can contribute up to $7,000 to potentially reduce your income tax footprint or to hedge against losses in this ultra-volatile market.
If you don’t own an IRA, Catholic United Individual Retirement Annuities (IRAs) offer several attractive options.
There are many ways to bolster your long term financial security by moving to a fixed-rate product with potential tax benefits. Call your local sales rep today about starting a Catholic United Financial traditional or Roth IRA.
*A fee will apply to withdrawals made during the surrender period. See contract for details. Withdrawals prior to age 59 1/2 will be subject to government penalties. Minimum deposit required. Maximum issue age is 85. Catholic United does not offer tax advice. Consult with your tax advisor about your specific situation.