It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions.
As a general rule, you have until tax day to make IRA contributions for the prior year. In 2024, that means you can contribute until April 15 toward your 2023 tax year limit of $6,500. You needn’t wait until the last minute, either, which means that as of January 1, 2024, you can also have your savings go to work for you earlier by making contributions toward your 2024 tax year limit.
Speak with your accountant to understand any nuances that apply to you, and call us if you’d like ideas for turning those contributions into an income stream you won’t outlive.
