Wednesday, October 31, 2012

Last Date to Open IRA, SEP, and Keogh Retirement Plans

 Keogh plans must be opened up by December 31 of the year for which you plan to make contributions. Once the account is open, you can contribute up until the deadline, including extensions.

The rules are different for other retirement accounts. For the 2012 tax year, you can open up and make a deductible contribution to a traditional IRA (assuming you meet the qualifications) right up until April 16, 2013.

Small business owners can set up and contribute to a Simplified Employee Pension (SEP) plan up until the due date for their returns, including extensions.

Contact us for help with retirement accounts and other tax matters.

No comments:

Post a Comment