2013 – 2014 Deadlines for IRA Contributions


The first thing you need to know about your 2013 IRA contribution deadline is that the final IRS filing date doesn’t happen until 2014. The IRS allows you to contribute to the previous year up until the normal federal tax deadline. Typically, this falls on April 15th, and this is the case in both 2014 and 2015 for most types of IRA accounts. See the information below for each account type.

This means that for your 2013 IRA contributions, you may contribute at anytime during 2013, and up until April 15th, 2014. If you make your contribution after January 1st but before the April 15th 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 2014 contributions, the federal deadline is set at April 15, 2015. The same rules and guidelines apply to this tax year as well.

Deadline for Establishing an IRA

If you haven’t yet establish an IRA in 2013, it’s not too late. The federal government allows you to establish an IRA in 2014 for the previous tax year. The establishment deadline is the same as the tax deadline, April 15th 2014 (also April 15th in 2015 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 may 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 Limit under 50 IRA Contribution Limit 50 and over Contribution Deadline Tax Deduction Income Limits
2013 $5,500 $6,500 04/15/2014 You don’t participate in plan at work – your contribution is Fully Tax Deductible
You participate in a plan at work
Single $59,000-$69,000
Married- Filing Jointly $95,000-$115,000
Married- Filing Separately $0-$10,000
Only Your Spouse in an Employer Plan
Married- Filing Jointly $178,000-$188,000
Married- Filing Separately $0-$10,000
2014 $5,500 $6,500 04/15/2015
Neither You nor Your Spouse participates in a plan at work – Contribution is Fully Tax Deductible
You participate in a plan at work
Single $60,000-$70,000
Married- Filing Jointly $96,000-$116,000
Married- Filing Separately $0-$10,000
Only Your Spouse in an Employer Plan
Married- Filing Jointly $181,000-$191,000
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 Limit Under 50 Maximum IRA Contribution 50 and Over IRA Contribution Deadline Contribution Income Limits
2013 $5,500 $6,500 04/15/2014 Filing Status Income
Single $112,000-$127,000
Married Filing Jointly $178,000-$188,000
Married Filing Separately $0-$10,000
2014 $5,500 $6,500 04/15/2015 Filing Status Income
Single $114,000-$129,000
Married Filing Jointly $181,000-$191,000
Married Filing Separately $0-$10,000
You must establish your Roth IRAs by your tax deadline (no extensions).

 

For more on Roth IRA income limits, see http://iracontributionlimits2010.com/roth-rules/2011/10/

3. SEP IRA Contribution Deadlines and Limits

Date Contribution Limit Deadline
2013 $51,000 04/15/2014 (extensions apply)
2014 $52,000 04/15/2015 (extensions apply)
You must establish your SEP IRA by the employer’s tax date (extensions apply).

 

For more information on SEP IRAs, please refer to http://iracontributionlimits2010.com/sep-ira-contribution-limits-for-2010/2010/08/

4. SIMPLE IRA Contribution Deadlines and Limits

Date Contribution Limit Under 50 Contribution Limit (if over age 50) Deadline
2013 $12,000 $14,500 04/15/2014 (extensions apply)
2014 $12,000 $14,500 04/15/2015 (extensions apply)
You must establish SIMPLE IRAs by October 1.

5. 401K Contribution Deadlines and Limits

Date Contribution Limit Under 50 Contribution Limit 50 and over Deadline
2013 $17,500 $23,000 04/15/2014 (extensions apply)
2014 $17,500 $23,000 04/15/2015 (extensions apply)
Date SIMPLE 401k Under 50 SIMPLE 401K 50 and over Deadline
2013 $12,000 $14,500 04/15/2014 (extensions apply)
2014 $12,000 $14,500 04/15/2015 (extensions apply)
You must establish your 401k account by December 31.

 

For more detailed information about 401(k) contribution limits, please see http://iracontributionlimits2010.com/401k-contribution-limits-for-2011/2010/10/

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