Retirement Deduction Deadline
What is contribution due date of return
Clients books ended 12/31
Does he have until Monday march the 15th to make the contribution in order to claim
Is it the due date of return or when he files the return, what is the last date to make a contribution in order to claim on the return.
Thanks
Permalink Submitted by Alan Spross on Fri, 2010-03-12 19:39
A contribution to what type of retirement account?
For a traditional or Roth IRA, the deadline for a 2009 contribution is 4/15/2010. The tax return can be filed before making the contribution, but you must remember to make the contribution by 4/15. If you don’t, the contribution would be an excess contribution or you would have to have it assigned to the 2010 year. If you took a deduction for the contribution then you would have to amend your return.
Permalink Submitted by steve jackson on Fri, 2010-03-12 23:31
It is for a 401(k) tax year 2009. He is now going to do an extension,can he make the contribution anytime prior to the extension deadline for 2009?
Thank you
Permalink Submitted by mk foss on Sat, 2010-03-13 02:29
Yes, extending the tax return extends the time period for making a retirement plan contribution. The retirement plan contribution made on or before September 15, 2010 will reduce income on the 2009 corporate return.