Understanding Tax Extension Forms


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Author's Note: Understanding Tax Extension Forms

Retirement savers generally don't get extensions for contributing for the year. If you want to make a contribution to a traditional individual retirement account or Roth IRA in 2014, you have until April 15, 2015, to do so, even if your taxes aren't due until Oct. 15.

However, self-employed and small-business owners might be eligible for an IRA contribution deadline extension. If you have self-employment income from freelance or contract work, you have until your due date to open and make contributions to a simplified employee plan or SEP IRA for the prior year. That means if you file an extension, you have until Oct. 15. You also have until your extended due date to contribute to a savings incentive match plan for employees or SIMPLE IRA, if you have already opened one. Both options offer a nice potential tax deduction, so it's worth trying to scrape the money together and contribute.

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Sources

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