Tax Tip Tuesday: Make Your IRA Contributions by April 18 This Year

Mar 14, 2023

By Theresa Cagle Fry, Senior Vice President and Manager IRAs, Retirement & Education Planning
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You have a little more time to make your IRA contributions this year thanks to the Emancipation Day holiday in Washington, D.C. By law, Washington D.C. holidays impact tax deadlines for everyone thereby making Tuesday, April 18, the tax filing deadline and the deadline for making 2022 IRA contributions. Keep in mind that applying for your own extension of time to file your income tax return does not extend your IRA contribution deadline.

A few exceptions apply for taxpayers who reside in federally declared disaster areas. The IRS often extends deadlines to file income tax returns, make tax payments (including estimated tax payments), and make IRA contributions when you reside in a disaster area. For certain severe storm victims in Alabama, California, and Georgia, the deadline has been extended to October 16.

Both traditional and Roth IRA contributions require earned income but are not limited by your age. Roth IRA contributions are not tax deductible and do not have to be reported on your income tax return, regardless of when you file, but your ability to make them depends on your tax filing status and your modified adjusted gross income (MAGI). Traditional IRA contributions – in certain circumstances – are tax deductible and must be reported on your income tax return whether you take the deduction, or you file Form 8606 to report your contributions as non-deductible. Contributions can continue as long as you are working even if you are also taking required minimum distributions.

If you are self-employed and sponsor a SEP IRA, SEP contributions provide a tax deduction for your business. If you do not file for an extension, your SEP contributions also must be made by April 18.  However, unlike traditional and Roth IRAs, if you file for an extension of time to complete your business’ tax return, you will have until the extended deadline to make any SEP contributions for 2022.

Check with your tax preparer for details and to confirm your tax filing deadline.


Benjamin F. Edwards does not provide legal or tax advice, therefore it is also important to consult with your legal and tax professionals for additional guidance tailored to your specific situation.