There’s still time to reduce your 2020 tax bill if you’re eligible for a deductible traditional IRA. Taxpayers of all ages may be able to claim deductions on their 2020 tax returns for contributions to their IRAs made through April 15, 2021. This is true even if you file your tax return before making the contribution, as long as the contribution is made by April 15, 2021. For 2020, the maximum IRA contribution is $6,000, or $7,000 for those age 50 or older by the end of 2020. Previously, taxpayers could only contribute to an IRA until age 70 1/2. That limit was removed in 2020. Contact us with questions or learn more about eligibility here: http://bit.ly/38yJfWQ Call or visit our website for more information! www.mjscpa.com/
