Contributing to an individual retirement account (IRA) is a great way to boost your retirement savings.
The deadline to make an individual retirement account contribution for the 2020 tax year is Tax Day — Thursday, April 15, 2021.
It’s one of the only things that you can still do to potentially save on your 2020 taxes, and it’s an easy move to make. And you can still contribute to an IRA even if you participate in an employer-sponsored retirement plan, like a 401(k) or 403(b).
For the 2020 tax year, the combined annual contribution limit for Roth and traditional IRAs is $6,000 ($7,000 if you're age 50 or older).
To learn more, to open an IRA, or contribute funds, please visit our Individual Retirement Accounts page or stop by your nearest TCU Service Center.
This article is for educational purposes only and doesn’t constitute tax, legal or accounting advice. The following is general information, not recommendations. Please consult with an attorney or tax professional for guidance.