2013 IRA Contribution Deadline

[ETax847]

Is the deadline to make a 2013 IRA contribution the EARLIER of when the 2013 tax return is file or April 15th, 2014?

[grandmabee]

I think it is April 15, 2014

[ETax847]

I believe the amount needs to be reported on sch 8606 though, so it leads me to believe the deadline without having to amend the return is the earlier of either the filing date of the return or April 15?

[jklcpa]

The deadline is April 15th. Filing your tax return before that doesn't change that date.

If you've designated in the software that a contribution has been made in 2014 before 4/15/14 for the 2013 tax year, most software packages will have a paragraph in the tax return instruction letter to remind the client to make sure the contribution has actually been deposited into the IRA by that date. Care must be taken by the client when making these contributions to specifically designate that the contribution is for 2013, if that is their intended action.

[SaraEA]

I actually had a client who received a CP2000 because the IRA contributions reported on the return didn't match the Form 5498. It looks like the IRS matching program is getting more savvy all the time. The 5498 isn't due to the IRS until June 1 each year because people are allowed to contribute until April 15 and the custodians need time to process the deposits and prepare the form.

[Pacun]

I file taxes in February, enter that that person will contribute $5000 to the IRAs, client gets the refund in mid February and client opens IRA on April 10th. No issues.

[easytax]

I file taxes in February, enter that that person will contribute $5000 to the IRAs, client gets the refund in mid February and client opens IRA on April 10th. No issues.

Information in posts is correct - April 15 From pub 590 -

You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases).

Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. Contributions can resume for any years that you qualify. Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015.

If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it).

You can file your return claiming a traditional IRA contribution before the contribution is actually made. Generally, the contribution must be made by the due date of your return, not including extensions.