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December 17, 2015

Advance IRA contribution

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Advance IRA contribution

I received an unexpected bonus and I would like to put a portion of it in my IRA so as to help remove the temptation from spending it. However, I already contributed the maximum amount allowed for this year to my IRA. Can I make an IRA contribution for next year now?

No. A regular IRA contribution for a year must be made Between January 1 of the year, up to April 15 of the following year. Contributions before that period are not permitted.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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