The first thing you need to know about your 2011 IRA is that the final contribution deadline doesn’t happen until 2012. The IRS allows you to contribute to the previous year up until the normal federal tax deadline. Typically, this falls on April 15th, but because that falls on a Sunday this tax season, the federal government has extended the deadline two extra days to April 17th for most IRA accounts. See the information below for each account type.
This means that for your 2011 IRA contributions, you may contribute at anytime during 2011, and up until April 17th, 2012. If you make your contribution after January 1st but before the April 17th deadline, you need to designate the contribution year that you intend to target. For most tax filers, this can be calculated using the worksheets in either IRS Form 1040 or Form 1040a. For 2012 contributions, the federal deadline is set at April 15, 2013. The same rules and guidelines apply to this tax year as well.
Deadline for Establishing an IRA
If you didn’t establish an IRA in 2011, it’s not too late. The federal government allows you to establish an IRA in 2012 for the previous tax year. The establishment deadline is the same as the tax deadline, April 17th 2012 (and April 15th in 2013 for the previous year.) The establishment deadline works just like your taxes. Your IRA application must be postmarked by midnight of the deadline to be valid. This applies to both Traditional IRA and Roth accounts.
For SEP IRAs, the contribution deadline is the same, but the establishment for creating a SEP IRA is the date that the employers tax filing date is due. Typically this is mid April, but it can vary.
Simple IRA rules dictate that this type of individual retirement account must be established by October 1st. And finally, 401k plans also abide by the same contribution deadlines, but both Roth and Individual 401k plans must be established by December 31st.
Notes about extensions. In general, Roth and Traditional IRAs are not subject to extensions, except under certain circumstances. Other plans my be eligible for extension based on your or your employers tax filing deadline. Use the charts below to determine your contribution deadlines.
1. Traditional IRA Contribution Deadlines and Limits
| Year | IRA Contribution Limitunder 50 | IRA Contribution Limit50 and over | Contribution Deadline | Tax Deduction Income Limits | |
| 2011 | $5,000 | $6,000 | 04/17/2012 | You don’t participate in plan at work – your contribution is Fully Tax Deductible | |
| You participate in a plan at work | |||||
| Single | $56,000-$66,000 | ||||
| Married- Filing Jointly | $90,000-$110,000 | ||||
| Married- Filing Separately | $0-$10,000 | ||||
| Only Your Spouse in an Employer Plan | |||||
| Married- Filing Jointly | $169,000-$179,000 | ||||
| Married- Filing Separately | $0-$10,000 | ||||
| 2012 | $5,000 | $6,000 | 04/15/2013 | ||
| Neither You nor Your Spouse participates in a plan at work – Contribution is Fully Tax Deductible | |||||
| You participate in a plan at work | |||||
| Single | $58,000-$68,000 | ||||
| Married- Filing Jointly | $92,000-$112,000 | ||||
| Married- Filing Separately | $0-$10,000 | ||||
| Only Your Spouse in an Employer Plan | |||||
| Married- Filing Jointly | $173,000-$183,000 | ||||
| Married- Filing Separately | $0-$10,000 | ||||
| You have until the tax deadline (no extensions) to make contributions to your Traditional IRA. | |||||
2. Roth IRA Contribution Deadlines and Limits
| Date | Contribution LimitUnder 50 | Maximum IRA Contribution50 and Over | IRA Contribution Deadline | Contribution Income Limits | |
| 2011 | $5,000 | $6,000 | 04/17/2012 | Filing Status | Income |
| Single | $107,000-$122,000 | ||||
| Married Filing Jointly | $169,000-$179,000 | ||||
| Married Filing Separately | $0-$10,000 | ||||
| 2012 | $5,000 | $6,000 | 04/15/2013 | Filing Status | Income |
| Single | $110,000-$125,000 | ||||
| Married Filing Jointly | $173,000-$183,000 | ||||
| Married Filing Separately | $0-$10,000 | ||||
| You must establish your Roth IRAs by your tax deadline (no extensions). | |||||
3. SEP IRA Contribution Deadlines and Limits
| Date | Contribution Limit | Deadline | |||
| 2011 | $49,000 | 04/17/2012 (extensions apply) | |||
| 2012 | $50,000 | 04/15/2013 (extensions apply) | |||
| You must establish your SEP IRA by the employer’s tax date (extensions apply). | |||||
4. SIMPLE IRA Contribution Deadlines and Limits
| Date | Contribution LimitUnder 50 | Contribution Limit(if over age 50) | Deadline | ||
| 2011 | $11,500 | $14,000 | 04/17/2012 (extensions apply) | ||
| 2012 | $11,500 | $14,000 | 04/15/2013 (extensions apply) | ||
| You must establish SIMPLE IRAs by October 1. | |||||
5. 401K Contribution Deadlines and Limits
| Date | Contribution LimitUnder 50 | Contribution Limit50 and over | Deadline | ||
| 2011 | $16,500 | $22,000 | 04/17/2012 (extensions apply) | ||
| 2012 | $17,000 | $22,500 | 04/15/2013 (extensions apply) | ||
| Date | Contribution LimitUnder 50 | Contribution Limit50 and over | Deadline | ||
| 2011 | $49,000 | $54,500 | 04/17/2012 (extensions apply) | ||
| 2012 | $50,000 | $55,500 | 04/15/2013 (extensions apply) | ||
| You must establish your 401k account by December 31. | |||||
