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Editor s note: A version of this article was originally published on March 28, 2019. It is part of Morningstar s Tax and IRA Guide special report.
As of today, you have a little more than a month and a half to contribute to an IRA for the 2020 tax year.
Of course, the heaviest lift in funding an IRA is finding the money to invest: While your 401(k) contributions likely go into your account on autopilot, most of us don’t have an extra $6,000 or $7,000 (the 2020 IRA contribution limits for savers under/over 50, respectively) lying around. It’s no wonder so many people rush in their contributions at the last possible minute, just before their tax-filing deadlines. (Bear in mind that you can make smaller contributions than the full contribution amount.)