IRA time!

March 30, 2011

As the annual tax-filing deadline nears, folks tend to pay extra attention to their individual retirement accounts.

Part of the reason is that contributing to an IRA is the only thing you can do now that still applies to the tax year that ended on Dec. 31.

If you haven't maxed out your IRA contribution for 2010 — that's $5,000 for an IRA, both traditional and Roth, or $6,000 (again for both types of retirement accounts) if you're age 50 or older — you can put money into the account as late as April 18 this filing season.

Traditional IRA owners get the added advantage of a potential tax deduction for their contribution.

Roth IRA owners, while unable to deduct their contributions, still might want to max out for the 2010 tax year before contributing for 2011. Taking full contribution advantage every tax year helps build your nest egg more quickly.

Things to consider when contributing to a traditional IRA or a Roth IRA were tax tips posted earlier this week.

Today's Tax Tip comes from the opposite direction. It looks at when you need to tap an IRA early, specifically how you can take some money out without paying the early distribution penalty.

If you missed any of this week's tax tips or just want to review previous pieces of filing season advice, check out the collection of March tax tips. At the end of that list, you'll find links to the January and February tips.

And on Friday, April 1, a new tax tips list will start, with a tip a day posted through the April 18 filing due date.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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