By Beverly DeVeny, IRA Technical Expert
Follow Me on Twitter: @BevIRAEdSlott
“Can I still make an IRA contribution?
We get this question a lot at this time of year. A client has his tax return on extension, the return is being prepared now, can the client still make an IRA contribution? (Also find out if you qualify to make an IRA contribution in this article.)
The short answer is – No. The deadline for making most IRA or Roth IRA contributions is April 15 for a prior year contribution. Having a tax return on extension does not change this. There is no extension of the time to make the IRA contribution.
As with most IRA rules, there are some exceptions. Clients in federally declared disaster areas may qualify for extensions of time to complete transactions for their retirement accounts, including making contributions. Military personnel in combat zones may qualify for extra time to make IRA contributions also.
The most common exception is the one for SEP IRAs. The due date for making a SEP IRA contribution is the due date of the business tax return, including extensions. So a business owner doing the tax return now, in June, could still make the SEP contribution for last year.
Content Citation Guidelines
Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.
Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.
For white papers/other outflow pieces:
Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.
For charts:
Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.
For Slott Report articles:
Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.
Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.
