Roth IRA Contributions Are NOT Reported on Your Personal Tax Return & the Contribution Deadline

No Extension

The deadline for making regular Roth IRA annual contributions is April 15, not including extensions. See IRC Sec. 219(f)(3).

Prior Year

For making a prior year Roth IRA contributions, the contribution deadline is is the tax-filing deadline, not including any extensions. Therefore, for 2020, the Roth IRA contribution deadline is April 15, 20201.

If the deadline for filing an individual’s federal income tax return falls on a Saturday, Sunday, or legal holiday, the individual will have until the following business day to make his contributions (IRC Sec. 7503).

IRA contributions that are received by mail after the contribution deadline are considered timely made if the envelope in which it is delivered carries a postmark date of on or before the applicable deadline.

File your Form 1040 Tax Return Now and Make the Roth IRA Contribution Later

The Roth IRA rules allow for contributions after the individual files her personal tax return, provide it is made by the April 15 deadline. See Revenue Ruling 84-18).

Roth IRA Contributions are NOT Deducted on Your Tax Return

You cannot deduct contributions to a Roth IRA on your federal tax return. Instead, the IRA provider/custodian reports Roth IRA contributions of Form 5498 which they issue to the IRA account holder in May and also to the IRS.  Form 5498 does not get filed with your personal tax return, so don’t delay filing your personal tax return.

Roth IRA Contribution Limits

For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can’t be more than:

  • $6,000 ($7,000 if you’re age 50 or older), or
  • If less, your taxable compensation for the year