By Agnieszka Bastrzyk
The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2018. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
Don’t let taxes sneak up on you this year.
This also means that the final deadline this year for making a 2017 IRA contribution is April 17th – even if you plan to extend your 2017 tax return.
You may be able to claim a credit for contributions to your traditional IRA.
If you plan to make an IRA contribution for 2017 anytime after January 1, 2018 (but before April 17, 2018), be sure to clearly state whether the contribution is for the 2017 or 2018 tax year. If you do not specify which tax year the contribution applies to, it may be considered to apply to the year in which it was received – i.e. 2018.
Taxpayers will be able to track the status of their refunds using a “Where’s My Refund?” tool on the www.IRS.gov web site.
2017 and 2018 Combined Traditional and Roth IRA Contribution Limits – Information from IRS.gov
If you are under 50 years of age at the end of 2017 – the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,500 or the amount of your taxable compensation for 2017. This limit can be split between a traditional IRA and a Roth IRA, but the combined limit is $5,500.
If you are 50 years of age or older before the end of 2017 – the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,500 or the amount of your taxable compensation for 2017. This limit can be split between a traditional IRA and a Roth IRA, but the combined limit is $6,500.
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** Please contact your tax advisor for more information regarding tax law changes or if you have questions regarding this year’s IRS deadline to file Federal tax returns and to determine which type of IRA would best fit your financial situation.
