You Have Until April 15 to Make a 2014 IRA or Roth IRA Contribution

Tuesday, April 14, 2015

By Joe Cicchinelli, IRA Technical Expert

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. However, make sure you do it by tomorrow – Wednesday, April 15, 2015. It’s safer if you make the IRA contribution in person so there’s no question that it was done on time. However, if you’re mailing your 2014 IRA contribution check to your IRA custodian, make sure that the envelope you mail the check in is postmarked by Wednesday, April 15. The postmark can be from the U.S. Postal Service or one of two private delivery service companies, Federal Express and United Parcel Service. If it’s not postmarked by that date, the IRA custodian cannot accept your IRA contribution for 2014 because it’s considered late.

If Wednesday, April 15, 2015 has passed, then you’re not allowed to make a 2014 Traditional or Roth IRA contribution. Even if you’ve filed for an extension to file your 2014 federal income taxes, that extension doesn’t extend the 2014 deadline of April 15, 2015.

If you are in the military and served in a combat zone, you may have more time to make an IRA contribution for 2014. If you served in a combat zone between January 1 and April 15, you have a minimum of 180 days after you left the combat zone to make an IRA contribution for the year. See IRS Publication 3, Armed Forces Tax Guide, for more information. Also, read this article for more information on the military exception.

If you are a business owner, the funding deadline for making 2014 SEP or employer SIMPLE IRA contributions can be after April 15, 2015. If your business had an extension to file its taxes for 2014, the SEP and employer SIMPLE IRA contribution deadline is your business’ tax filing deadline, plus extensions.

 

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