IRA Prior Year Contribution Deadlines

Submitted by Paul Emig on Wed, 2014-03-26 05:34

I’ve always understood that the deadline to make a prior year contribution to an IRA was April 15 of the following year…but one of my clients – who is a tax professional – seems to think that it can be later in the year if you file an extension. I don’t think so, but since she’s a tax professional I wanted to give her the benefit of the doubt and check with the experts!

Are there any circumstances under which you would be able to make a prior year contribution after April 15? And do those rules apply to a SEP IRA as well?



Submitted by Alan - IRA critic on Wed, 2014-03-26 16:28

The SEP IRA is the only exception where an extension will allow the deadline to be extended to 10/15. This does not apply to traditional IRAs or Roth IRAs, for which the due date without extensions is the last day a regular contribution can be made for the prior year.

Submitted by Jose Morales on Wed, 2014-03-26 17:21

The contribution deadline is always the tax filing due date, without extensions.  The only circumstances under which a person can make a contribution for a previous tax year after the tax filing due date are those in which the IRS has specifically granted the ability to do so or has granted an extension of the tax filing due date itself.  This sometimes happens when there is a natural disaster in a region that may prohibit persons in the area from filing their taxes by the normal due date.  A person cannot simply file for an extension and also have the ability to make a prior year contribution.  Even for those that have their due date itself extended, the custodian receiving the contributon would not code it as a prior year contribution.

Submitted by Jose Morales on Wed, 2014-03-26 17:22

SEP IRA contributions are also reported on a calendar year basis by the custodian, not on a tax year basis.  Therefore any contribution made during 2014, from January 1st through December 31st will only be reported on a 2014 5498.  The treatment of the contribution as having been for one tax year or another is done by the employer when they file their taxes.

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