ROTH IRA Contribution deadline
Summary:
- The main problem reported by the user is the need for clarification on whether contributions to an IRA for the previous tax year can be made up until the tax filing deadline, specifically regarding both Traditional and Roth IRAs.
- It was confirmed that contributions can indeed be made for both Traditional and Roth IRAs until the tax filing deadline of the new year.
- The user can make contributions for a tax year from January 1st of that year through the tax filing deadline, allowing for Prior Year Contributions (PYCs) or Current Year Contributions (CYCs).
- Contributions are subject to IRS limits, which are $6,500 for individuals under age 50 and $7,500 for those age 50 or older, and the total is for any contributions to an IRA, not per account.
Here’s the full thread
I heard somewhere that you can still contribute to to the previous year’s IRA until April 18th, of the new year(tax return filing deadline). I wanted to confirm does this only apply to the traditional IRA or does this also apply to a ROTH IRA?
Yes it applies for both @eli.
Thanks for reaching out to us on Discord, @eli.
You can make contributions for a tax year from January 1st of that tax year through the tax filing deadline. Between January 1st of a given year and the tax filing deadline, you have the choice to make Prior Year Contributions (PYCs) or Current Year Contributions (CYCs). Contributions are subject to their respective IRS limits for each tax year.
Here’s an IRA contribution page on our website that breaks down IRA contribution rules:
IRA contribution limits: https://www.fidelity.com/retirement-ira/contribution-limits-deadlines
Keep in mind, the contribution limit for IRAs for 2023 are $6,500 (under age 50) or $7,500 (age 50 or older). This total is for any contribution to an IRA, not per IRA account.
Let us know if you have any additional questions.🟢