John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Individual Retirement Accounts – IRAs

 

“When can or should I fund my IRA?”

We often suggest that you wait until tax time to fund your IRA. This way you know exactly what your income is what the allowable choices are. You also know what your financial situation is so you can decide what you can afford to do.

Financial institutions always encourage people to do their IRA funding early. IRA funding can be done any time from January 1 of the year the contribution relates to, all the way up to April 15 (tax return due date) of the following year.