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No second changes for IRA contributions

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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!

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