When is the IRA contribution deadline each year?

The deadline for making contributions to an Individual Retirement Arrangement (IRA) is typically April 15 of each year. This date coincides with the standard tax filing deadline for individual income tax returns in the United States. If April 15 falls on a weekend or a holiday, the deadline may be extended to the next business day, but generally, contributions must be made by this date to be counted for the previous tax year.

Understanding the deadline is essential, as contributions made after this date would apply to the following tax year, potentially missing out on tax benefits that could be gained from the earlier contribution. Being aware of this timeline allows individuals to take full advantage of their contribution limits and potential tax deductions for each tax year.