Federal Disaster Relief
We are in a federal disaster relief area for 2023 tax filing. The normal tax filing deadline has been extended for all filings and payments to 6/17/2024. Would this also include deadlines for 2023 IRA contributions?
We are in a federal disaster relief area for 2023 tax filing. The normal tax filing deadline has been extended for all filings and payments to 6/17/2024. Would this also include deadlines for 2023 IRA contributions?
Permalink Submitted by Alan - IRA critic on Thu, 2024-05-30 20:02
Yes, if this was the San Diego area storm disaster of Jan, 2024. A 2023 IRA contribution made between 4/15 and 6/17 should be reported to the custodian as an “FD” contribution (federal disaster), and the custodian should code it as such on Form 5498.
Each disaster declaration describes the actions with extended deadlines, and IRA contribution deadlines are not always extended. If this extension is for a different disaster, please advise.
Permalink Submitted by Ryan Smith on Fri, 2024-05-31 14:57
This is for Michigan, specifically Kent County.
Permalink Submitted by Alan - IRA critic on Fri, 2024-05-31 16:45
The Michigan IRS disaster Notice does not specifically mention IRA contributions as were listed in the San Diego Notice. However, references to other IRS Regs in the MI notice appear to include the IRA contribution deadline being extended to 6/17. Of course, the applicable IRA custodian will have to make the decision to accept a 2023 contribution now or not, and they have the authority to decline if they wish.