Lots More Information
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.
- Internal Revenue Service. "Can't Pay the Tax You Owe?" (Dec. 2, 2014) http://www.irs.gov/pub/irs-pdf/p4849.pdf
- Internal Revenue Service. "Eight Facts on Late Filing and Late Payment Penalties." April 18, 2013. (Dec. 2, 2014) http://www.irs.gov/uac/Newsroom/Eight-Facts-on-Late-Filing-and-Late-Payment-Penalties
- Internal Revenue Service. "Electronic Payment Options Home Page." May 6, 2014. (Dec. 2, 2014) http://www.irs.gov/uac/Electronic-Payment-Options-Home-Page
- Internal Revenue Service. "Extension of Time to File a Return." Nov. 4, 2014. (Dec. 2, 2014) http://www.irs.gov/uac/Extension-of-Time-To-File-Your-Tax-Return
- Internal Revenue Service. "Pay by Debit or Credit Card When You E-file." Nov. 24, 2014. (Dec. 2, 2014) http://www.irs.gov/uac/Pay-by-debit-or-credit-card-when-you-e-file
- Internal Revenue Service. "Publication 3." (Dec. 2, 2014) http://www.irs.gov/publications/p3/ar02.html#en_US_2013_publink1000176337
- Internal Revenue Service. "Tax-filing and Payment Extensions Expire Oct. 15; Check Eligibility for Overlooked Tax Benefits; Choose E-file; E-pay with New Direct Pay." Sept. 30, 2014. (Dec. 2, 2014) http://www.irs.gov/uac/Newsroom/Tax-Filing-and-Payment-Extensions-Expire-Oct.-15;-Check-Eligibility-for-Overlooked-Tax-Benefits;-Choose-Efile;-Epay-with-New-Direct-Pay
- Internal Revenue Service. "What You Should Know if You Need More Time to File Your Taxes." April 10, 2014. (Dec. 8, 2014) http://www.irs.gov/uac/Newsroom/What-You-Should-Know-if-You-Need-More-Time-to-File-Your-Taxes
- Karimi, Sabah. "Should You Pay Your Taxes with a Credit Card?" U.S. News & World Report. Feb. 13, 2013. (Dec. 4, 2014) http://money.usnews.com/money/blogs/my-money/2013/02/13/should-you-pay-your-taxes-with-a-credit-card
- TaxAct. "5 Military Tax Benefits." (Dec. 8, 2014) http://www.taxact.com/tax-information/tax-topics/5-military-tax-benefits.asp
- TurboTax. "How to File for an Extension of State Taxes." 2014. (Dec. 4, 2014) https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Extensions/How-to-File-for-an-Extension-of-State-Taxes/INF14799.html