Ira

[Deal Guy]

Can you still open a IRA for 2019 at this hour?
I don't have a brokerage account, so a place like Vanguard or Charles Schwab would need to have me transfer funds from a outside bank account, which probably won't go through today.
Will it be considered that I opened it by July 15?

[CountValentine]

Bankrate says open and funded by deadline.
https://www.bankrate.com/investing/ira/open-an-ira-today-and-save-on-taxes-deduction/#:~:text=For%20example%2C%20taxpayers%20can%20contribute%20at%20any%20time,this%20date%2C%20you%20must%20have%20funded%20it%2C%20too.

[ExGingi]

Try a bank where you have an existing account that you might be able to fund by transfer.

[CountValentine]

If you file for an extension it wouldn't by chance extend the IRA deadline, would it?

[ExGingi]

If you file for an extension it wouldn't by chance extend the IRA deadline, would it?

No.  IRA funding deadline is the earlier of the regular tax filing deadline or the time you actually filed your return.

SEP IRAs and other employer sponsored plans have other rules.

[CountValentine]

No.  IRA funding deadline is the earlier of the regular tax filing deadline or the time you actually filed your return.

Didn't think so but never hurts to ask.
You can amend your return if you decide to fund after you file but before the deadline, correct?

[ExGingi]

Didn't think so but never hurts to ask.
You can amend your return if you decide to fund after you file but before the deadline, correct?

That question is beyond my pay grade (even though I often get CPAs calling me with their qualified plan and HSA questions, amendments aren't something I ever studied). Though, based on the guidance I was given regarding repayment of CARES act withdrawal repayments, I would guess that you are correct. (Though that's an extrapolation  )

[CountValentine]

That question is beyond my pay grade (even though I often get CPAs calling me with their qualified plan and HSA questions, amendments aren't something I ever studied). Though, based on the guidance I was given regarding repayment of CARES act withdrawal repayments, I would guess that you are correct. (Though that's an extrapolation  )

Wow we are getting the pre-covid @ExGingi   

[R.A.T.]

Does the CARES act allow you to skip the RMD (required minimum distribution) for an IRA in 2020?

[ExGingi]

Does the CARES act allow you to skip the RMD (required minimum distribution) for an IRA in 2020?

It seems so
https://www.lexology.com/library/detail.aspx?g=dd47d836-d418-41a3-af18-c7c7f71e4db2

[aygart]

Does the CARES act allow you to skip the RMD (required minimum distribution) for an IRA in 2020?

That is what I was told by TIAA