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There’s still time to make 2014 IRA contributions (until April 15, 2015)

February 28, 2015

By Alliant Credit Union

Think it’s too late to make contributions to your IRA for tax-year 2014? Think again. The deadline for making 2014 IRA contributions is actually the same deadline for filing your 2014 taxes: April 15, 2015.

Take full advantage of the benefits of an IRA by depositing your maximum contribution limit (up to $5,500) for 2014 by April 15, 2015. Plus, those age 50 and above with earned compensation can make additional “catch up” contributions of $1,000 per year. This is the total contribution limit you can make to all of your IRAs combined. However, if applicable, you can deposit an additional $5,500 to a spousal IRA.

Do you have an Alliant IRA? Then, you’re in luck. It’s easy to make a deposit to your IRA account by using Alliant Online Banking. After you log in, simply select the “Prior Year Contribution” tab under the “Account Option” menu.

Or you can make a contribution to your Alliant IRA by downloading an IRA Authorization Form from our website for a Traditional IRA or Roth IRA, complete it and mail it with your deposit or account transfer selection indicating it’s for the 2014 tax year.

Don’t already have an Alliant IRA? Learn how to open one.

Thinking ahead? You can make your tax-year 2015 contributions either in a lump sum or on a regular basis throughout the year. IRA contribution limits for 2015 are the same as those for 2014.

Total annual IRA and/or spousal IRA contributions cannot exceed the contributor’s annual compensation. However, a spouse with little or no compensation, filing a joint tax return, can deposit up to the annual maximum contribution. Traditional IRA holders must be under age 70½ for the entire tax year with earned compensation in order to make contributions. With a Roth IRA, contributions may be made after age 70½ if compensation is earned. Certain annual income limits apply to contribution eligibility. Learn more by visiting the IRS site. Consult your tax advisor about potential tax savings.