ComplianceTax & AccountingMarch 17, 2019

IRA, HSA, and CESA 2018 regular contribution deadline

Overview

Regular contributions to individual retirement accounts (IRAs), Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (CESAs) for a specific tax year must be made by an individual’s tax return filing deadline, excluding extensions. For most individuals the deadline to make a regular contribution to any of these accounts for tax year 2018 is Monday, April 15, 2019.

An exception for residents of Maine and Massachusetts

The Internal Revenue Code (IRC) provides that, when April 15 falls on a Saturday, Sunday, or legal holiday, a return is considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday. Since Patriot’s Day, an official holiday in Maine and Massachusetts, will be observed on Monday April 15, and Emancipation Day, an official holiday in the District of Columbia, will be observed on April 16, residents of Maine and Massachusetts have until April 17, 2019 to file their tax return and make IRA, HSA, and CESA regular contributions for 2018.

Conclusion

Maine and Massachusetts residents have until April 17, 2019 to make IRA, HSA, and CESA regular contributions for 2018. IRA custodians and trustees receiving regular contributions for 2018 from residents of these states should accept and report these contributions accordingly. For most other IRA owners the 2018 regular contribution deadline is April 15, 2019.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider our on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or call us at 1-800-552-9408.

Diana Theis
Senior Specialized Consultant, Tax Advantaged Accounts
With more than 30 years of experience, Diana has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.