The IRS decision to push back the income tax filing deadline to July 15 also applies to other deadlines, such as contributing to IRAs and HSAs.
this year, has anything been said about pushing back the 2019 contribution deadline for IRAs and Roth IRAs?that the deadline for making contributions to IRAs has also been extended to July 15, 2020. The deadlines were pushed back from April 15 because of “shelter in place” orders and other disruptions stemming from the coronavirus pandemic.
individuals can contribute to an HSA is $3,500 for individual coverage while the limit is $7,000 for family coverage. The “catch up” provision for people 55 and older allows an additional $1,000 contribution.I had to move to assisted living due to a stroke. I no longer need my car — or the car payment. Can I simply stop paying and let it be repossessed? There are about 18 months to go before it’s paid off. I don’t need great credit anymore and our current expenses exceed our income.
Typically repossessed cars are sold at auction, often for less than their resale value. The proceeds, minus the expenses of repossessing and preparing the car, are applied to your loan. You’d only get what’s left over. This bad financial outcome is on top of the damage done to your credit, which can be substantial. Even if you think it unlikely you’ll need credit again, you don’t know for sure that you won’t.
Non-spouse beneficiaries, like your mother, don’t have the option of treating the IRA as their own. They must set up a new inherited IRA account and start distributions. Until this year, non-spouse beneficiaries could take distributions over their lifetimes. Now non-spouse beneficiaries are required to drain their inherited IRAs within 10 years.
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