SEP IRA

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Question: 2009 filing deadline extended due to flooding. How about IRA Contribution?

The IRS has extended the filing date for some northeast states due to the declared state of emergency. Does this extension also apply to my SEP-IRA Contribution for 2009? I need to do my taxes before I can figure out the amount I can contribute since it is based on net income My investment advisor couldn’t answer this.

Answer: Yes, the extension includes extension of the deadline for making tax year 2009 IRA contributions. A partial extract from the IRS news release:

“As a result, the IRS is postponing until May 11 certain Deadlines for taxpayers who reside or have a business in the disaster area. This includes the April 15 deadline for filing 2009 individual income tax returns, making income tax payments and making 2009 contributions to an individual retirement account (IRA).”

See the full news release here: http://www.irs.gov/newsroom/article/0,,id=108362,00.html

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