IRS.gov on IRA Contributions
Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions.
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Because April 15, 2012, falls on a Sunday, and Emancipation Day -- a legal holiday in the District of Columbia -- falls on Monday, April 16, 2012, the due date for making contributions for 2011 to your IRA is April 17, 2012.
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Contributions for 2012 must be made by April 15, 2013.
When Can Contributions Be Made?
Contributions can be made to your traditional IRA for each year that you receive
compensation and have not reached age 70½. For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation.
Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. Contributions can resume for any years that you qualify. Read more.
Age 70½ Rule
Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. If you were born on or before June 30, 1941, you cannot contribute for 2011 or any later year.
Designating Year for Which Contribution is Made
If an amount is contributed to your traditional IRA between January 1 and April 17, you should tell the sponsor (institution that holds your IRA) which year (current year or previous year) the contribution is for. If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it).
Contributions Not Required
You do not have to contribute to your traditional IRA for every tax year, even if you can.
How Much Can be Contributed?
For 2011, the most that can be contributed to your traditional IRA generally* is the smaller of the following amounts:
- $5,000 ($6,000 if you are age 50 or older), or
- Your taxable compensation for the year.
*If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year.
NOTE: There are limits and other rules that affect the amount that can be contributed to a traditional IRA. These limits and rules are explained on IRS.gov. Read more on Traditional IRAs at IRS.gov.
This article is not intended to provide tax advice. Please contact a tax professional.
