Maybe you made a Roth IRA contribution for 2022 and then discovered your income was too high. Maybe you contributed to a traditional IRA but later discovered that the contribution was not deductible. You may have made an IRA contribution and just changed your mind. You’d rather contribute to a Roth IRA or maybe not contribute at all. There is good news if you act quickly. You can fix these issues by correcting your 2022 IRA contribution by the upcoming October 16, 2023 deadline.
The IRS has delayed the deadline for filing federal income taxes until May 17, 2021. This also extends the deadline for making a 2020 Roth IRA contribution. A Roth IRA offers the promise of tax-free withdrawals in retirement if you follow the rules. If you are deciding whether a 2020 Roth IRA contribution is the right move for you, here are some things to keep in mind.
Good news for retirement savers! There is more time to make your 2020 IRA contribution.
On March 17, 2020, the IRS extended the 2020 federal income tax-filing deadline to May 17, 2021. The extension also extends the deadline until May 17 to make a 2020 prior year contribution to a traditional or Roth IRA. If you have an extension to file your taxes beyond May 17, your IRA contribution deadline is not extended. You must make your IRA contribution by May 17. If you live in Oklahoma, Louisiana, or Texas, the federal tax filing deadline had already been extended to June 15. As such, the IRA contribution deadline in those states is also June 15.
Question:
Has the deadline to make an IRA contribution for 2020 been extended since the 2020 tax filing date has been extended to May 17, 2021?
Robert
Answer:
Hi Robert,
Yes. The 2020 IRA contribution deadline is also extended to May 17, 2021.
Are you questioning that IRA contribution you made for 2018? Maybe you made a Roth IRA contribution and then discovered your income was too high. Maybe you made a traditional IRA contribution but you were ineligible due to your age. You may have made a traditional contribution and just changed your mind. You’d rather contribute to a Roth IRA or maybe not contribute at all. There is good news if you act quickly. You can fix these issues by correcting your 2018 IRA contribution by the upcoming October 15, 2019 deadline.
October 15, 2019 Deadline
When it comes to the timing for correcting a contribution, the key deadline is October 15 of the year following the year for which the excess contribution is made.
We are down to the wire! The tax-filing deadline is rapidly approaching and time is running out to make your 2015 IRA contribution. In the final few days, before the clock runs out, here are 10 quick last minute tips to keep in mind about contributing to an IRA.
By the time you read this blog, April 15, 2015 might have passed. If not, you’re in luck - you still have time to make a 2014 Traditional or Roth IRA contribution. How much time do you still have?
"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? Click to find out.
Now that April 15, 2013 has passed, and the anxiety of filing our 2012 tax returns is over for most of us, some of you may be wondering if it’s possible to make an IRA contribution for 2012. The answer generally is no, but there are some exceptions. We explain these exceptions below.
We are down to the wire. Tax day is Monday, April 15th and it is coming up quickly. Following are some retirement plan deadlines you don't want to miss!
