Jump to content

Max IRA contribution - is it considered double in two calendar years?


IRA1967

Recommended Posts

Hi, guys.

I'm pretty sure I know the answer to this question, but just want to be absolutely certain. Is the max contribution to an IRA limit for the calendar year or the tax year? Since you're allowed to contribute in the following year, 2020, up to the tax deadline, that's another calendar year, but it's the same tax year, if it is to apply to the 2019 tax year. In short, can you contribute the max amount by the end of 2019 and then more or even the max again till April 15, 2020, to be applied to the 2019 tax year? I'd imagine not, but I appreciate your confirmation.

Let me tell you the reason I'm asking, in case it makes any difference and such a payment is treated in a different way, which is doubtful, but you never know. I was just laid off and I'll be getting a severance payment. I don't know yet exactly when I'll get it, but it'll be very unfortunate if it happens to be before the end of 2019.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...