Tax Tip Tuesday: Make Your IRA Contributions by Your Tax Filing Due Date

Mar 12, 2024

By Theresa Cagle Fry, Senior Vice President and Manager IRAs, Retirement & Education Planning
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Most people know they need to file their income tax returns by April 15. Tax Day, for most people, is also the last day you can make contributions to your traditional or Roth IRA. Applying for an extension of time to file your income tax return does not extend your IRA contribution deadline.

However, taxpayers living in Maine or Massachusetts have until April 17 this year to make IRA contributions due to the Patriots’ Day and Emancipation Day holidays. In addition, if you live in a federally declared disaster area, you may automatically receive an extension of time to file your tax return, and in turn, make your IRA contributions. As of the time of this writing, individuals living in certain counties in Tennessee, Connecticut, Rhode Island, Maine, West Virginia, Michigan, California and Washington have received automatic extensions until June 17, 2024, for 2023 income tax returns. These automatic disaster-related extensions are updated regularly, so check the IRS website: Tax relief in disaster situations | Internal Revenue Service ( to see if you qualify.

Both traditional and Roth IRA contributions require earned income but are not limited by your age. Contributions can continue as long as you (or your spouse, if married) are working.

Roth IRA contributions are not tax-deductible and do not have to be reported on your income tax return, but your ability to make them depends on your tax filing status and your modified adjusted gross income. 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 IRS Form 8606 to report your contributions as non-deductible.

Whatever your situation, using IRAs to enhance your retirement savings is a good idea. Don’t miss your deadline! Talk to a financial advisor if you would like help getting started or reviewing your retirement savings strategy, including what type of IRA–traditional or Roth–best meets your retirement planning goals.


IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.