The deadline for your individual retirement account (IRA) contribution is usually the same as when your tax return is due. Typically, this date falls around April 15th each year. This, however, varies from state to state. Know what actions are necessary when making IRA contributions.
Down to the wire. If you are one that waits until the last possible second to do things, you may strongly want to consider breaking that habit (at least for this one thing!). Waiting to deposit until the day of could cause you to miss out on the tax break. Fidelity, for example, accepts contributions up until 11:59 p.m. on the day of the deadline, assuming everything is in good order. If there’s any error, they will not accept it. This is why you want to give yourself a few days to make sure that any errors have enough time to be corrected.
Due date differences. For the majority of the population, the date is April 18, 2016. It was pushed back from the 15th due to the Emancipation Day holiday in DC. And due to Patriots’ Day celebrated in Massachusetts and Maine, their date is pushed back a day further to April 19, 2016.
Waiting is common. Many people make the majority of their contributions between January 1st, and the tax contributions deadline. If you make your deposit, be sure to note on whether you want those contributions to count for 2015, or 2016. IRA providers automatically apply contributions to the calendar year in which they are deposited.
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