No second changes for IRA contributions — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

No second changes for IRA contributions

Get PDF file

by on
in Small Business Tax

Q. I claimed an IRA deduction on my 2005 tax return, but I forgot to make the contribution. I didn’t file for an extension, but am I still OK if I amend my return and make the deposit before Oct. 15? A.T.R., Hazlet, N.J.

A. Not exactly. You can’t claim a deduction for an IRA contribution made after the return due date, even if you’d filed for the automatic six-month extension. The due date for the contributions for the 2005 tax year was April 17, 2006; no exceptions allowed. Tip: File an amended 2005 return that removes the deduction for your IRA contribution. Make the deposit for 2006 early so you don’t forget!

Related Articles...

Leave a Comment

Previous post:

Next post: