IRS News Release: IRA Contribution Deadline April 18 for 2021 Tax Deduction (IRC §408)

Taxpayers are reminded that they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through Apr. 18, 2022, the IRS announced. Eligible taxpayers can contribute up to $6,000 to an IRA for 2021, with taxpayers 50 years of age or older at the end of 2021, can contribute up to $7,000, the IRS stated. However, qualified contributions to one or more traditional IRAs may be deductible up to the contribution limit or 100% of the taxpayer’s compensation, whichever is less, the IRS noted. Contributions to IRA could be ...