There's Still Time to Make 2022 IRA Contributions

Tim Obendorf |

April 18, 2023 is the deadline for making 2022 annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts.

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 year and the tax filing deadline, typically April 15, of the following year. Accordingly, you can make your IRA contribution for 2022 any time from January 1, 2022 to April 18, 2023, and you can make your 2023 contribution any time from January 1, 2023 to April 15, 2024.

A person can open or contribute to a Traditional IRA past age 70½ as long as they have taxable income.  

If you are making a 2022 IRA contribution in 2023 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, write “2022 IRA contribution” or “2023 IRA contribution,” as applicable, in the memo area of your check, plainly and simply. Be sure to write your account number on the check. If you make your contribution electronically, double-check that these details are communicated.