The IRS announced in February 2021 that the deadline for 2020 IRA contributions has been pushed back from April 15 to June 15, 2021 for all residents in Texas. The IRS has indicated that July 15, 2020 is the end of the grace period for employers to make contributions deductible for 2019. Funding Extension for Defined Benefit Plans. Contribution Funding Deadlines Overview of Contribution Funding Deadlines for Qualified Plans Employers that sponsor qualified retirement plans must meet statutory deadlines for funding contributions to the plan. Employee contributions to 401(k) plans (and other plans that require salary reductions or elective deferrals) must be made by the end of the year. For 2020 and 2021, the maximum contribution is $6,000. The date the contribution is credited by the Scheme Administrator. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. That’s the date required minimum contributions must be made to avoid a 10% non-deductible excise tax. The funds must show as received in the scheme bank account by close of business on that date, at the latest. This announcement was made in response to the 2021 winter storm which has been declared to be a disaster, and it applies to tax payments as well. 15 // Deadline for DB plans to make the second-quarter contribution for the 2019 plan year to their plan trust. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act extended the deadline for making 2019 defined benefit plan contributions to January 1, 2021. Retirement accounts such as IRAs make saving for retirement easier. The maximum contribution to a … Employer contributions. July 2019 15 Due date to make second required quarterly contribution for 2019 plan year 29 Last day to furnish Summary of Material Modifications (SMM) to participants and beneficiaries receiving benefits 31 Last day to file Form 5500 for 2018 without extension. Yes. If you have a retirement plan account, please see important 2019/2020 deadlines below: December 31, 2019 – Deadline to Contribute to 401(k) Plan and Other Defined Contribution Plans. IRAs are tax-favored, but there are deadlines and contribution limits. Failure to fund contributions timely may result in penalties or lost or delayed tax deductions. 29 // Summary of material modifications is due to participants—i.e., 210 days after the end of the plan year in which the change was adopted —unless it was included in a timely updated summary plan description (SPD). Pension contributions which qualify for the 2019/20 tax year need to be in the pension trustee bank account by 5pm on Friday 3 April 2020. Defined benefit plans have another deadline. A17. Among the additional changes that would benefit plan sponsors are relaxation of the IRS 30-day advance notice requirement for suspending safe harbor 401(k) plan contributions and additional automatic extensions of time to file the 2019 plan year form 5500 and to make plan contributions that are deductible on 2019 tax returns. Legally, these are employer pension contributions and are treated as such for payment date purposes. If the employer has filed an extension, then the final SEP IRA contribution date is the extension deadline, which is usually October 15. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For example, if the prior year’s required contribution was $100 and the current year’s contribution requirement is $80, the quarterly requirement would be $18.

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