Taxpayers of all ages may claim a deduction on their 2020 tax return for contributions to their individual retirement arrangements (IRAs) made through April 15, the IRS recently noted.
Taxpayers can file their return claiming a traditional IRA contribution before making the contribution. Individuals must then make their contributions by the April due date of the return.
Generally, eligible taxpayers can contribute up to $6,000 to an IRA for 2020. For someone who was 50 years of age or older at the end of 2020, the limit increases to $7,000. In 2020, the IRS removed the restrictions on taxpayers aged 70 ½ or older to make IRA contributions. See more.