For Americans who may regret not saving enough this past year toward their retirement, a recent announcement might bring a bit of good news.
The Trump administration announced on Friday that it is moving the tax deadline from April 15 to July 15, presumably in light of the effects the coronavirus outbreak is having on the U.S. economy. The IRS had previously deferred payments for many Americans and businesses to the same date in July.
However, now that Americans have more months to file without penalty, they also have longer to contribute to their IRA retirement accounts for 2019, Ed Slott, founder of IRAhelp.com, told FOX Business.
The administration did not specifically address IRA contributions on Friday. However, according to the Internal Revenue Code, contributions are considered to be made during a given taxable…