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Can and should I still contribute to the IRA, SEP and HSA accounts for 2019?

At the end of March, the Internal Revenue Service has clarified that the deadline for making Individual Retirement Account, SEP Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020. This is good news since it allows people extra 3 months to decide if they have enough cash to:

• contribute to their retirement savings 

• lower their 2019 tax liability

• and invest in the market when its significantly down of its highs

Here is a quick reference as to the amounts & rules:

How much can I contribute to an IRA?

The annual contribution limit for 2020 is $6,000, or $7,000 if you’re age 50 or older (same as 2019 limit).  Your Roth IRA contributions may also be limited based on your filing status and income. 

Is my IRA contribution deductible on my tax return?

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in FULL.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contributions aren’t deductible.

Can I contribute to a traditional or Roth IRA if I’m covered by a retirement plan at work?

Yes, you can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan). If you or your spouse is covered by an employer-sponsored retirement plan and your income exceeds certain levels, you may not be able to deduct your entire contribution.

How much can I contribute to my SEP?

The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of:

• 25% of compensation, or

• $57,000 for 2020 ($56,000 for 2019 and subject to annual cost-of-living adjustments for later years).

These limits apply to contributions you make for your employees to all defined contribution plans, which includes SEPs. Compensation up to $285,000 in 2020 ($280,000 in 2019 and subject to cost-of-living adjustments for later years) of an employee’s compensation may be considered. If you're self-employed, use a special calculation to determine contributions for yourself.

How much can I contribute if I’m self-employed?

The same limits on contributions made to employees’ SEP-IRAs also apply to contributions if you are self-employed. However, special rules apply when figuring the maximum deductible contribution. See IRS Publication 560 for details on determining the contribution amount.

If I participate in a SEP plan, can I also make tax-deductible traditional IRA contributions to my SEP-IRA?

If the SEP-IRA permits non-SEP contributions, you can make regular IRA contributions (including IRA catch-up contributions if you are age 50 and older) to your SEP-IRA, up to the maximum  annual limit. However, the amount of the regular IRA contribution that you can deduct on your income tax return may be reduced or eliminated due to your participation in the SEP plan.