It’s getting to be that time of year again. No, I don’t mean the Holiday season time, I mean tax time. That dreaded three-letter word “TAX” means it’s time to gather paperwork and review plans for the rest of the year.
One thing that can help is understanding the traditional IRA deadline extension and contribution limits. These dates and limits are essential need-to-know information for investors.
As investors, we want to be sure we are taking advantage of decreasing our tax burden, but also building up retirement savings accounts too.
One investment vehicle that allows you to do these two things is a Traditional IRA.
What is the Traditional IRA
The Traditional Individual Retirement Arrangement (IRA) was created in 1975.
Traditional IRAs allow you to make contributions to your IRA that are tax deferred. This means monies you put into an IRA grow tax deferred until you pull them out. Additionally, you can write these contributions off on your taxes. It can be a way to grow your retirement account and reduce your tax burden for the previous tax year.
Traditional IRA Deadline Extension for Contributions
Typically, taxpayers have until April 15 to make contributions to their IRAs. Now the IRS at times makes adjustments to that due date depending on where that day might fall.
For example, if tax day falls on a Saturday, the IRS might extend the date until the following Monday (needs to be on an active USPS mailing day).
Other extensions occur with unforeseen events, such as with the extensions for 2020 and 2021 due to the Pandemic.
Standard Contribution Dates
For Tax year 2021, you can make contributions up to April 15, 2022. This gives investors 15 1/2 months to make contributions.
| 2021 Contribution | Filing Status | Final Day to Contribute |
|---|---|---|
| Max contribution of 6000–7000* | Standard filing | April 15, 2022 |
| Max contribution of 6000–7000* | Extension filing | October 15, 2022 |
*Depending on age (see Contribution Limits below)
As you can see, the traditional IRA deadline extension goes into the next calendar year.
One note: If you’re sending these contributions by mail, you need to ensure that it is postmarked by the correct deadline.
You can find out more about the IRS’s contribution schedule here: IRA Year-End Reminders
Contribution Limits
Taxpayers up to 50-years-of-age can contribute $6000. For those 50-years-of-age and older, you can contribute up to $7000.
| Age Contribution Limit | |
|---|---|
| Up to 49 | $6,000 |
| 50+ | $7,000 |
The IRS allows you to contribute to your IRA up to the age 70 1/2. You must begin taking distributions by the age of 72.
Get Your Contributions in Now
The fiscal year is quickly approaching. Have you fully funded your IRA? Now is the time. Close up this tax year on top, saving some money in taxes while protecting your wealth.
Did You Know…
For investors who have a self-directed IRA you have the power to invest in alternative types of investments like real estate funds. This is a great way to diversify your portfolio. Secured Investment Corp.’s Fund III allows investors to invest in real estate at a very low cost. This fund is fully audited by Verivest and only requires an initial investment of $1000. Click to receive the Fund III Infopak for FREE and learn more about investing in real estate.
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