The last day to fund a either a Roth or traditional IRA is April 15–the day personal tax returns are due. For the 2015 tax year, you have until Friday, April 15, 2016 to set up an IRA account or to contribute 2015 funds into your account. For the 2016 tax year, the last day to contribute 2016 funds is Monday, April 17, 2017. If you contribute to an IRA between Jan. 1 and April 15, you must clearly designate the year for which you are contributing.
Individual retirement accounts are excellent retirement savings tools. In addition, for traditional IRAs, all or a portion of your contributions may be fully tax deductible. Consequently, many taxpayers make last-minute additions to their IRAs to reduce their tax burden for the recently ended tax year. To take advantage of this option, it is important to know the deadline to fund your IRA.
The 2015 tax year maximum IRA contribution is $5,500; it’s $6,500 if you're 50 or older. The contribution limits are the same for the 2016 tax year. Don’t miss the opportunity to take control of your retirement, open your Roth or Traditional IRA today.
Should you have any questions about your IRAs or if you want to open an IRA please call James Aoki, our Financial Planner, at 801.627.8732.