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Better Late Than Never - Funding Your Roth IRA

So every year, you get the opportunity to put in a certain amount of money into your IRAs and/or Roth IRAs. And many of our clients have this funding set on auto pilot, so to speak. Specifically, they have certain amount of money coming out of the bank account and into their IRAs or Roth IRAs on a regular basis. But if you are an entrepreneur, you may not necessarily know until later in the year if funding one is more advantageous than the other, given the variables in your income. That’s why you are allowed to wait on funding these buckets until your tax filing deadline. This is usually on or around April 15 every year, although in 2020 it was delayed by three months to deal with the fallout from the pandemic. At any rate, you can fund your Roth IRA on a regular basis, early, or even after the tax year is done and before your filing deadline.

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