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March 5, 2013

IRA Contribution Not Mailed by Deadline

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IRA Contribution Not Mailed by Deadline

Q: When I filed my tax return for last year on April 15, I included my IRA contribution for last year which I claimed as a deduction. I was going through one of my drawers yesterday; I found the check that was supposed to be sent in to my IRA custodian, still in the addressed envelope. Is it possible for me to send in that contribution now for last year, since it was included on my tax return?

A: No. The deadline for making your IRA contribution for last year April 15. For instance, the deadline for making your IRA contribution for 2015 is April 15, 2016[1]. This means that your contribution should have been delivered to your financial institution by April 15 of this year if hand delivered, or postmarked by then if delivered by mail.

Your tax return should be amended to remove the contribution.

[1]Extended to the next business day if deadline falls on a weekend or public holiday. For 2015 contributions, the deadline is April 18, 2016.

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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