Most people already know this, but for those who don't you have until the April tax deadline to contribute to an IRA for that tax year. For 2016 that day is April 18th 2017.
A short run-down of why prior year contributions matter.
Since IRA contributions are capped at a yearly limit there's no fast way to fund an IRA and take advantage of the tax-free savings. The earlier you start the more money you can potentially contribute.
From January until the April deadline it's recommended that you make prior-year contributions if you haven't already hit the contribution limit for that year, that way if you come into more money later in the year you will be able to contribute more towards the current year than you would if you hadn't made prior-year contributions earlier.
Already filed a tax return?
For Roth contributions you really don't need to amend your return unless your income is low enough that the extra contributions would make you eligible for the Retirement Contributions Saver's Credit.
For Traditional contributions you should amend your return, a lot of people will be eligible to take a deduction based on the amount they contribute and get more money back on their returns.
Here's a link to the IRS that explains the IRA contribution deadline.
Submitted April 14, 2017 at 05:08AM by ShawnSmith08 http://ift.tt/2p2swWD
