IRA contributions aren’t due until April 15. You can make contributions for 2009 to your traditional or Roth IRA, including “catch-up” contributions, up to the due date of your tax return (without extensions), normally April 15. The regular IRA contribution limit is $5,000 for 2009. You may also make a “catch-up” contribution to an IRA for 2009, up to $1,000, if you are age 50 or older by the end of 2009. Note that whether or not you are able to deduct all or a portion of your contributions (including a “catch-up” contribution) to a traditional IRA depends on your tax filing status, your income level and whether you or your spouse participate in an employer-sponsored, tax-favored retirement plan. Also, to be entitled to make any contribution to a Roth IRA (including a “catch-up” contribution), you must meet certain requirements. See the discussion in the Winter 2010 edition of Retirement News for Employers.
Published By Stanley D. Baum, New York ERISA attorney. Handling matters in ERISA, employee benefits, executive compensation, disability, and employment law for employers, individuals and unions.