Individual Retirement Arrangement (IRA)
Definition Individual retirement arrangement (IRA) is an umbrella term that covers individual retirement account and individual retirement annuity. These are retirement savings vehicles established by
March 5, 2013
IRA Contribution Not Mailed by Deadline
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IRA Contribution Not Mailed by Deadline
Q: When I filed my tax return for last year on April 15, I included my IRA contribution for last year which I claimed as a deduction. I was going through one of my drawers yesterday; I found the check that was supposed to be sent in to my IRA custodian, still in the addressed envelope. Is it possible for me to send in that contribution now for last year, since it was included on my tax return?
A: No. The deadline for making your IRA contribution for last year April 15. For instance, the deadline for making your IRA contribution for 2015 is April 15, 2016[1]. This means that your contribution should have been delivered to your financial institution by April 15 of this year if hand delivered, or postmarked by then if delivered by mail.
Your tax return should be amended to remove the contribution.
[1]Extended to the next business day if deadline falls on a weekend or public holiday. For 2015 contributions, the deadline is April 18, 2016.
