February 17th, 2016 | Judy Chambers

2016 income tax deadlines and IRA contributions

April 18th is fast-approaching. That’s right—this year your tax deadline is April 18th; not the 15th. The reason for this is that Washington D.C. celebrates Emancipation Day on April 15th instead of the 16th. This naturally moves the deadline for filing your tax returns back to Monday, April 18th. If you have not yet made a contribution to your IRA for 2015, this needs to be completed by April 18th. The same is true to open an IRA and make contributions. Be sure to make note of the following:

A Couple Things to Remember

  • If you are 70 1/2, you cannot make contributions to a traditional IRA in the year that you reach 70 1/2 or older.
  • Your traditional IRA contributions may be tax-deductible. Please check with your CPA.

2015 and 2016 Traditional Roth IRA Contribution Limits

Total annual contributions to your Traditional and Roth IRAs combined cannot exceed:

  • $5,500 (under age 50)
  • $6,500 (age 50 or older)

Image: Taxpoint.com