ombskid Posted March 20, 2015 Share Posted March 20, 2015 Can you file your 1040 early i.e. before 4/15 and still have until 4/15 to fund your IRA? Link to comment Share on other sites More sharing options...
david rigby Posted March 20, 2015 Share Posted March 20, 2015 IRS Publication 590-A. http://www.irs.gov/pub/irs-pdf/p590a.pdfOn page 11:"Contributions must be made by due date. Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions for 2014 must be made by April 15, 2015, and contributions for 2015 must be made by April 15, 2016." I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
My 2 cents Posted March 20, 2015 Share Posted March 20, 2015 IRS Publication 590-A. http://www.irs.gov/pub/irs-pdf/p590a.pdf On page 11: "Contributions must be made by due date. Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions for 2014 must be made by April 15, 2015, and contributions for 2015 must be made by April 15, 2016." Taking this to mean that one can file the 1040 before the IRA contribution is made and claim the planned IRA contribution as a deduction from income, but if the IRA contribution is not made by April 15th, it is time to file an amended return (and pay the additional taxes and interest). Always check with your actuary first! Link to comment Share on other sites More sharing options...
david rigby Posted March 20, 2015 Share Posted March 20, 2015 I agree with 2 Cents interpretation. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
ombskid Posted March 20, 2015 Author Share Posted March 20, 2015 Thanks David Link to comment Share on other sites More sharing options...
mbozek Posted March 23, 2015 Share Posted March 23, 2015 Taxpayer can claim tax deduction for IRA contribution on tax return filed before contribution is made. Only requirement is that contribution must be made by April 15. Taxpayer who extends filing date of tax return to Oct 15 must make IRA contribution by April 15. mjb Link to comment Share on other sites More sharing options...
Flyboyjohn Posted March 23, 2015 Share Posted March 23, 2015 It's commonplace for folks to file their returns claiming the deduction and then use the tax refund to fund the IRA by the 4/15 deadline Link to comment Share on other sites More sharing options...
My 2 cents Posted March 23, 2015 Share Posted March 23, 2015 It's commonplace for folks to file their returns claiming the deduction and then use the tax refund to fund the IRA by the 4/15 deadline But if their tax refund is delayed, they still have no alternative but to find the money now somehow to make the IRA contribution by April 15 (unless they are willing to refile claiming no IRA deduction). Always check with your actuary first! Link to comment Share on other sites More sharing options...
John G Posted March 30, 2015 Share Posted March 30, 2015 The ideal situation is to fund your IRA/Roth at the beginning of the calendar year. If folks have the funds available, you would want to contribute to your Roth or IRA on Jan 1, 2014 for the 2014 tax year. Why? Because you money is sheltered for the full tax year. So for example, tax payers with enough cash on hand should consider contributing for both 2014 and 2015 now! If you can't make this a habit, perhaps you should try the next best thing, setting up an automatic deposit system for each month or calendar quarter. I advise people to stuff their Roths and IRAs to the max when ever you can, up to the statutory limit. In a major emergency, you can always pull out contributions later in the year. What you can't do is fund your retirement accounts after April 15. And, its too late to fund a retirement plan after you stop working. Duh! Well, if you have five years to go, find a way to max your contibutions in those years. Funds added to your Roth/IRA might still be in your personal tax shelter two decades later. Link to comment Share on other sites More sharing options...
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