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

Mar 15, 2022

By Theresa Cagle Fry, Senior Vice President and Manager of IRA’s, 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, D.C. holidays impact tax deadlines for everyone. Monday, April 18 is the tax filing deadline and the deadline for making 2021 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:

  • Maine or Massachusetts
  • Federally declared disaster areas

Taxpayers who live in Maine and Massachusetts get until Tuesday, April 19 because Monday, April 18 is Patriots’ Day, a state holiday.

If you reside in a declared federal disaster area in Kentucky, Tennessee, Illinois, or Arkansas – due to the December severe storms, flooding and tornadoes – you have until May 16 to file returns, make tax payments (including estimated tax payments) and make IRA contributions.

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). In certain circumstances, traditional IRA contributions are tax deductible and must be reported on your income tax return – whether you take the deduction or 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 (or April 19 if you live in Maine or Massachusetts). 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 2021.

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


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