Taxes and Individual Retirement Accounts
There are specific rules that allow an investor to deduct their IRA contributions. These IRA contribution rules are fairly straightforward and typically do not vary much.
This year, the IRS began accepting electronically filed tax returns on January 17, 2012.
For taxpayers waiting until the last day to file without an extension, the Internal Revenue Service has again moved the deadline from the traditional 15th of April. This year it is Tuesday, April 17, 2012. The reason for this is the 15th is a Sunday (no postal mail service) and Monday, April 16th, is a holiday observed in the District of Columbia (Emancipation Day). During any year that this date falls on the same day taxes would be typically due, then tax day is moved forward, as District of Columbia holidays are treated like federal holidays.
This makes April 17 the last day to make a retroactive contribution to various IRAs, including a traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or a solo 401(k) account.
However, there are exceptions to this, as outlined below.