Skip to content

What's My Deadline for Making an IRA Contribution?

Published: March 7, 2022

What's My Deadline for Making an IRA Contribution?

If you want to reduce your taxes for 2021—it’s not too late.

There’s still time for you to deposit money into an IRA to boost your retirement savings, and if you’re eligible, you can receive a tax deduction.

The IRS allows taxpayers to make a prior-year IRA contribution, and the deadline is your federal tax return due date. While the tax return due date is generally April 15, the deadline to file your 2021 tax return is Monday, April 18, 2022, because of Emancipation Day in Washington, D.C. For taxpayers who live in Maine and Massachusetts, their deadline to file is April 19, 2022, because of Patriots’ Day.

It’s important to note that although taxpayers can request an extension to file their taxes, this extension doesn’t apply to IRA contribution deadlines. IRA contributions for the tax year must be made by the federal filing tax return deadline for that tax year.

The annual contribution limit for IRAs is $6,000 for 2021 and for 2022, with a $1,000 catch-up contribution allowed for individuals age 50 years or older. If you wish to contribute to your Traditional IRA, Roth IRA, or both, you can’t contribute more than the annual limit for all your IRAs combined. For example, if you have one Traditional IRA and one Roth IRA, you could make a deductible $4,000 contribution to your Traditional IRA and a $2,000 contribution to your Roth IRA.

Before Making a Prior-Year Contribution

If you want to make a prior-year contribution, be sure to let your financial organization know in writing so the contribution isn’t mistakenly made as a current-year contribution. The IRS requires you to sign paperwork or otherwise indicate to the financial organization that the contribution is for a prior year. Otherwise, if you don’t sign an authorization, such as a contribution form, your financial organization will report the contribution as a current-year contribution.

If you mail your IRA contribution, your contribution is timely made if the envelope is postmarked on or before the applicable deadline. Remember to write what tax year the contribution is for. If you make your IRA contribution online, you should indicate at the time of the contribution that it is a prior-year contribution. If there isn’t a way to make that indication, call or email your financial organization for assistance.

File Now, Fund later

You can file your tax returns and claim a Traditional IRA deduction before you’ve deposited the contribution if you fund the IRA by the deadline. This can be helpful to know if you cannot contribute at the time you file your taxes.

When you file your taxes, you’ll report your tax-deductible IRA contribution directly on Schedule 1 of Form 1040, U.S. Individual Income Tax Return, when you file your federal income tax return.

If you’re unsure whether you are eligible for a tax deduction for your IRA contribution, seek help from a competent tax advisor or use the IRS deductibility formula found in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

USSFCU Financial Advisory Services


If you have not yet made your 2021 IRA contributions, Fellows can help you determine the appropriate investment options for these contribution amounts and align them with your overall retirement plan. Contact Fellows with any questions or if you would like to schedule a complimentary review of your retirement savings accounts.Learn more

For informational purposes only. This material was prepared by Ascensus, LLC and is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

View all posts

Members' Voice Testimonials

This credit union is the best, I love the customer service and you can't beat the interest rates. I'm happy to be a member of this great credit union.

USSFCU has always been accommodating, easy to work with, and staff are always kind. I have every intention of keeping my account with this bank for a long, long time.

The branch manager introduced herself and was extremely helpful. She stated that if there is anything we ever need to please let her know. Very positive experience!

Greta was absolutely amazing - as always. She makes me and my parents feel valued and supported. We are forever grateful. [The Credit Union] has been hugely supportive over many years. And we feel known and cared for.

Long as I have been with the credit union, I haven?t had any problems. I also like the protection on my account.

My overall experience at the credit union was exceptional. The staff was hospitable offering water, my service was timely and professional and the office was well lit and clean.

As a member for more than 40 years, i have always had great service from the USSFCU and know that they stand behind their great reputation.

A top rate Credit Union, [I'm] privileged to be part of! Thank you for all you do for our family! USSFCU Credit Union was able to resolve our financial situation - vehicle, personal loans, customer service/recommendations, within 6 months. We belonged to another credit union for over 20 years, with results not even close to comparison. We switched ...

Your people and products are amazing. The recent [online banking] overhaul is phenomenal. [I've] been electronic banking since Tele action phone banking - paying bills with my push button landline decades ago. USSFCU is light years ahead of everyone else in terms of ease of use and client experience!

Read More testimonials.