Do I have more time to fund an IRA now that the federal tax deadline was extended?

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In normal times, savers have until the April 15 tax filing deadline to invest money in an IRA for the previous year.

For example, as you prepare to file your 2019 tax return, you have until the tax filing deadline to fund your IRA.

But because of coronavirus, the federal government has extended its deadline for filing returns and paying taxes owed until July 15.

New Jersey, while it’s expected to follow the feds, hasn’t yet officially moved its tax deadline because of coronavirus.

So does the extended federal deadline mean that you have more time to fund your 2019 IRA?

The answer is a resounding yes.

“Because the due date for filing federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020,” the IRS website says.

For tax year 2019, you can save $6,000 in an IRA, and those age 50 and over can save an additional $1,000.

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