2016 Contribution
had an IRA holder come to the office yesterday and insisted that her CPA needed to have her contribute to her IRA so that she could take a deduction for her 2016 tax return which is due 1/31/18 (Hurricane Harvey relief extension) – can someone confirm this to be true and if so direct me to the IRS bulletin accordingly.
Permalink Submitted by Alan - IRA critic on Thu, 2018-01-25 00:09
While tax deadlines after 8/23/17 were extended to 1/31/18, the deadline for making a 2016 IRA contribution was 4/18/2017. Even if she had filed an extension in April, 2017, her 2016 IRA contribution deadline was not affected by that extension and remained 4/18/2017. What may be contributing to the CPA’s opinion was referral to IRA contributions at the end of the following bulletin, and such contributions should not have been listed on this particular bulletin other than SEP contributions. CPA’s deal extensively with SEP IRAs and because a SEP contribution can be made by the extended due date, a SEP contribution could be made up to 1/31/2018, but not a regular contribution since the deadline for that contribution would have been 4/18/2017, well prior to Harvey.https://www2.ascensus.com/news/industry-regulatory-news/2017/10/18/retirement-spotlight-2017-hurricane-disaster-relief-guidance-employers-retirement-plans/