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Filing and IRA contribution?
I'm filing my taxes and taking advantage of the IRA contribution deduction. Do I have to complete the deposit before I file, or is it ok as long as I complete it by the deadline (April 18th?)
2 Answers
- Bostonian In MOLv 75 years agoFavorite Answer
No, you do NOT need to make the contribution before you file your 2015 return. IRS Pub 590-A https://www.irs.gov/pub/irs-pdf/p590a.pdf clearly states on page 10: "You can file your return claiming a traditional IRA contribution before the contribution is actually made. Generally, the contribution must be made by the due date of your return, not including extensions."
Two important cautions are in order:
1. Be SURE that you make the contribution by the April 18, 2016 filing deadline (or April 19, 2016 if you live in MA or ME). If you don't, you will have to amend and remove the contribution from your return.
2. Make SURE that the custodial knows that the contribution is for tax year 2015. Get that in writing!
