SEP IRA & Roth IRA
If a client has earned income from self-employment and is under the MAGI threshold (for Roth contribution purposes), can they fund a SEP IRA and a Roth IRA for tax year 2022?
I know the contribution for a 2022 SEP IRA can be made up to 10/15/2023 if on extension.
Can 2022 Roth IRA contributions be made up until 10/15/2023 if on extension? Or does the Roth IRA have a 4/18/2023 deadline regardless if going on extension?
Permalink Submitted by Alan - IRA critic on Tue, 2023-02-14 18:16
Yes, client can make a 2022 Roth IRA contribution, but this must be completed by 4/18/2023. An extension does not extend the Roth contribution deadline.