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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.

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 The Retirement Dictionary was created to provide IRAs and employer retirement plan information in an easy-to-understand manner for individuals at all levels of expertise and to help educate everyone about how retirement plans work.

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