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Funding your IRA

It isn’t necessary to fund your IRA by the end of the calendar year, although the sooner you fund it, the sooner it starts achieving tax-deferred or tax-free growth. The law permits you to make your annual contribution to your IRA as late as when your income tax return is due on April 15. Remember, however, that as generous as Uncle Sam is in allowing you to make your previous year’s IRA contribution as late as three and one-half months after the end of the year that you’re making the contribution for, you aren’t allowed additional time to make your contribution even if you obtain an extension of the filing date for your income tax return.

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