2 Key Deadlines for Retirement Plans Are Almost Here

Better Investing

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Mind these dates so you can keep more of your money out of Uncle Sam's pocket.

Tax Day itself isn’t the only deadline of income tax filing season.

Deadlines related to certain types of retirement plans also are looming, as the Internal Revenue Service recently reminded us.

We detail these deadlines below, but first let’s revisit Tax Day. Just in case you missed the memo, federal income taxes for 2016 are due on April 18, rather than the usual deadline of April 15.

IRA contributions

The deadline for making individual retirement account (IRA) contributions for 2016 is April 18.

This means that if you have or want to open a traditional or Roth IRA, you have until then to take advantage of IRS contribution limits for 2016. For tax year 2016 as well as 2017, younger taxpayers can contribute up to $5,500. If you’re 50 or older, you can contribute $6,500.

Contributions to traditional IRAs are generally tax-deductible. Making a contribution before April 18 will help you not only maximize your retirement nest egg, but likely reduce your 2016 tax bill.

Additionally, contributing to either a traditional or Roth IRA might qualify you for the Saver’s Credit, which can also reduce your taxes. To learn more about this tax break for lower-income folks, check out “Tax Hacks 2017: Don’t Miss These 16 Often-Overlooked Tax Breaks.”

Confused about the two IRA types? Check out “Ask Stacy: Which Is Better — a Traditional or Roth Retirement Plan?

Excess IRA contribution withdrawals

The deadline for withdrawing excess IRA contributions for 2016 is the due date of your tax return, including extensions.

This means that if you contributed more than the IRS allows to IRA accounts for 2016 — the $5,500 or $6,500 cap mentioned above — you have until your tax return due date to withdraw the excess amount from your IRAs.

Otherwise, Uncle Sam will penalize you — to the annual tune of 6 percent of the excess amount left in your IRAs.

Have you taken advantage of an IRA? Let us know below or over on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 20 Ways to Make Extra Money in Retirement

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,959 more deals!