2016 IRA Contributions

IRA Contributions for 2016 – There’s still time

The first of several tax deadlines (for partnerships and S corporations) passed on March 15th but there’s still time for individuals to contribute to an IRA for the 2016 tax year. You have until your tax return due date (not including extensions) to contribute up to $5,500 to an IRA for 2016 ($6,500 if you are age 50 by December 31, 2016). For most taxpayers, the contribution deadline for 2016 is April 18, 2017.

For business owners, there’s still the opportunity to make a 2016 SEP IRA contribution. You have until April 18, 2017 plus extensions. If you file for an extension you have until October 16, 2017 to make the 2016 contribution. If you have never created a SEP plan, you still have the option to set up the plan and fund it for the 2016 contribution until the original due date or your extension due date. 

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