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New 2019 IRA Contribution Deadlines

New 2019 IRA Contribution Deadlines

April 06, 2020
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As a result of the U.S. Treasury Department and Internal Revenue Service extending the 2019 tax filing deadline to July 15, 2020, both Traditional and Roth IRA contributions for 2019 may also be made until July 15, 2020.
Due to the large amount of contribution activity we have received in recent years, and so that we can ensure that our clients' contributions are received by their respective investment companies in plenty of time to meet these new IRS calendar deadlines, we are extending our own internal deadlines for 2019 IRA contributions this year.  Our new deadline contribution dates have been extended to the following:
  • Wednesday, July 1st, for contributions to NEW IRA and Roth IRA accounts
  • Wednesday, July 8th, for contributions to EXISTING IRA and Roth IRA accounts
Please note that ALL contributions received by Benson Financial Group after the above deadline dates will ONLY be classified as 2020 contributions.
We also want to make you aware that IRA contribution limits for 2020 are unchanged from 2019:
Below age 50 = $6,000 annual limit
Age 50 and above = $7,000 annual limit   
If you have any questions or concerns about this new policy please don't hesitate to contact Beth Franklin, or one of the other members of our Client Services Team.