EA Schensky & Associates, Category Individual Taxes

Still Time to Make a 2014 IRA Contribution

If you still want to make a 2014 contribution to your traditional IRA there is still time! Most taxpayers have until April 15, 2015 to make their 2014 contribution.

Contributions can be made to your traditional IRA for a year at any time during that year or by the due date for filing your return for that year, not including extensions.

Don’t forget about the 70½ rule though… traditional IRA contributions cannot be made for the year in which you reach age 70½ or for any later year. Contributions can only be made to your traditional IRA for each year that you receive compensation and have not reached age 70½.

Source: www.irs.gov

Posted in Individual Tax.

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