Last-Minute Tax Season Decisions: Make Your IRA Contribution on Time

NEW YORK (MainStreet) — April 15 is not just the deadline for filing your tax return, and paying your taxes – it is also the deadline for making a traditional or Roth IRA contribution. You can submit Form 4868 to extend the time to file your tax return, but you cannot extend the time to make your 2014 IRA contribution.

You can extend the time to make a 2014 contribution to most self-employed pension plans, like a SEP, by filing for an extension. But, again, you cannot extend the time to make your 2014 IRA contribution.

If you claimed a deduction for a contribution to an IRA on your 2014 Form 1040, make sure your contribution is in the account by tomorrow.

It is important when depositing money to your IRA that you identify the tax year for which the contribution is being made – on the check and on any accompanying payment voucher or coupon. When you receive your account statement check to see the payment has been applied to the correct year.

Your IRA trustee sends the IRS a record of your contribution – if it is applied to the wrong year you might get a balance due notice from Uncle Sam down the road.

--Written by Robert Flach for MainStreet

Robert Flach has more than 40 years of experience as a tax professional and also blogs as The Wandering Tax Pro.

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