Don’t Forget to Contribute to Your IRA

If you planned to make a contribution to your IRA in 2015 but didn’t have time, weren’t sure if you wanted to or just simply forgot about it, you still have some time. You have until your tax filing deadline to do it, so most taxpayers have until April 18, 2016 to make an IRA contribution for 2015.

Contributions can be made to your traditional IRA for a year at any time during that year or by the due date for filing your return for that year, not including extensions. The limit is $5,500 (or $6,500 if you are age 50 or older).

Be aware of the 70½ rule though… traditional IRA contributions cannot be made for the year in which you reach age 70½ or for any later year. Contributions can only be made to your traditional IRA for each year that you receive compensation and have not reached age 70½.