It’s that time of year and you want to know.

Your tax return was extended and you are now preparing the return. The question is, can you still make an IRA contribution?

Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for the prior year contribution. Extending the return doesn’t change that.

Generally, there is no extension of time to make the IRA contribution, but as with almost every IRA rule there are exceptions.

Exceptions:

  • If you are in a federally declared disaster areas (ex: Louisiana, Texas, Mississippi and West Virginia), you may qualify for an extension in order to complete transactions for your retirement accounts, including making contributions.  Check out this list to see if you qualify.
  • If you are military personnel in combat zones, you may qualify for extra time to make your IRA contribution. Helpful additional information from the IRS
  • Here’s the most common exception: SEP IRAs. The due date for establishing and making a SEP IRA contribution is the due date of the business tax return, including extensions.
  • If you are a business owner having your tax return prepared now, in July, you could still establish a SEP plan and make a SEP contribution for last year.  Information here and SEP set up forms here

If you have any questions or comments about the information included here, please contact your JMF Pension Department.