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Your Employees May Need Alternative Ways to Save for Retirement
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Your Employees May Need Alternative Ways to Save for Retirement

By April 6, 2021July 17th, 2024No Comments

Remind them that they can contribute to 2020 IRAs, Roth IRAs and HSAs until May 17!

Most employees understand that they can make a 2020 IRA contribution by May 17,  2021 and have it count as a deduction on their 2020 income tax return.  But they may not know that the same rule applies to making contributions to their Health Savings Account (HSA).  HSA contributions made by May 17 will also apply to their 2020 tax return.

For employees seeking tax-deferral on contributions and a 2020 tax deduction:

  • Traditional IRA
  • HSA

For employees seeking tax-free withdrawals in retirement:

  • Roth IRA
IRS extends additional tax deadlines for individuals to May 17

TC120369(0421)1

 

Teresa Thomas

Teresa Thomas

As a 25-year veteran of the financial services industry, Teresa has worn many hats including corporate communication, product and concept marketing, meeting and convention planning, training and mentoring. It’s true, in her first semester of graduate school, she dropped out of her Secondary Education curriculum – recognizing that teachers have a magnificent gift (that she did not). So, she took her love of teaching in a different direction and thoroughly enjoys the opportunity she has to educate you on not just the importance of retirement savings, but also the many ways in which you can plan now to achieve your retirement success! TC124597(1221)3