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Did You Know You Still Have Time To Save In These Accounts?

Did you know you still have time to save in these accounts?

Updated on March 30, 2020

Procrastinators, rejoice!

If you meant to set aside more money for retirement or health expenses last year, you still have time.

Did you know?

The federal income tax filing due date was automatically extended from April 15, 2020, to July 15, 2020. The Internal Revenue Service said that means you also have until that date to:

  • Make 2019 contributions to your Individual Retirement Account.
  • Make 2019 contributions to your Health Savings Account.
  • Defer federal income tax payments without penalties and interest.

Individual Retirement Accounts

You’ve heard it before, but it’s worth repeating: The sooner you start saving for retirement, the more money you’ll have later when you need it.

IRAs offer a tax-advantaged way to invest—and save—for retirement.

If you’d still like to contribute to an IRA for 2019, here’s what you need to know:

  • Eligible individuals* can make contributions to a Traditional or Roth IRA for 2019 until April 15, 2020.
  • Contributions for the 2019 tax year are limited to $6,000—or $7,000 if you’re 50 or older (thanks to a catch-up provision).
  • You could receive a deduction for Traditional contributions or a tax credit for Roth contributions.

Comparing retirement saving options: Traditional IRA, roth IRA, and 401(k)

Learn more about IRA guidelines

Get answers about health savings accountsHealth Savings Accounts

If you have a high-deductible health plan, an HSA can help you set money aside for current and future medical expenses.

To be eligible for an HSA, you:

  • Can’t be covered by another health plan (with limited exceptions).
  • Must not be enrolled in Medicare.
  • Can’t be claimed as a dependent on someone else’s tax return.

If you want to contribute to an HSA for 2019, here’s what you need to know:

  • Eligible individuals* can make contributions to an HSA for 2019 until April 15, 2020.
  • You might be eligible to make tax-deductible contributions, earn tax-free dividends and withdraw money tax-free for qualified medical expenses.
  • You don’t have to use all of your HSA funds each year. Your balance carries over—and remains with you regardless of changes in coverage or employment.

Learn more about HSAs

*Contact your tax advisor to verify eligibility and contribution limits.

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