Empower Blog
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February 14, 2023

IRA Deadlines are Approaching: What to Know

By Chase Dalton
Financial Planning

Financially, many of us associate the spring with taxes – but we should also associate this time of year with important Individual Retirement Account (IRA) deadlines. Here’s what you need to know.

  • A person can now open or contribute to a Traditional IRA past the age 72 as long as they have taxable income.
  • April 18, 2023 is the deadline for making 2022 annual contributions to traditional IRAs, Roth IRAs, and certain other retirement accounts. April 15 falls on a Saturday, so the deadline has been extended.1
  • December 31, 2023 is the deadline to take your Required Minimum Distribution (RMD) from certain IRAs.

Some people may not realize when they can make their IRA contribution. You can make a yearly IRA contribution between January 1 of the current calendar year and April 15 of the next year. Accordingly, you can make your IRA contribution for 2023 any time from January 1, 2023, to April 15, 2024.1

 

If you are making a 2023 IRA contribution in early 2024, you must tell the investment company hosting the IRA account for which year you are contributing. If you fail to indicate the tax year that the contribution applies to, the custodian firm may make a default assumption that the contribution is for the current year (and note exactly that to the I.R.S.).

 

So, along with your account number, be sure to write “2024 IRA contribution” or “2023 IRA contribution,” as applicable, in the memo area of your check, plainly and simply. If you make your contribution electronically, double-check that these details are communicated.

 

Remember, this article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals for the most up-to-date information about IRA account deadlines and contribution strategies.

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About the Author
Meet Chase Dalton
Chase Dalton

Wealth Management by CommunityAmerica

Chase Dalton strives to partner with members to help them map out all of the financial aspects of their life and to spend more time on their talents and passions.

Securities and advisory services offered through Copper Financial Network, LLC (“Copper Financial”), a broker-dealer and SEC registered investment adviser. Member FINRA/SIPC. Copper Financial is a wholly-owned subsidiary of CommunityAmerica Credit Union (“CommunityAmerica”) and makes non-deposit investment products and services available to its members. Representatives are registered with Copper Financial. CommunityAmerica and Wealth Management by CommunityAmerica are not broker-dealers or investment advisers. For important disclosures from Copper Financial please visit here.

 

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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

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