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ComplianceTax & AccountingMarch 17, 2023

IRA HSA and CESA 2022 regular contribution deadline: Affected by Emancipation Day

As you know, an individual’s tax-filing deadline, not including extensions, for any year is generally April 15 of the following year. This is also the deadline for an eligible individual to make an individual retirement account (IRA), Health Savings Account (HSA), or Coverdell Education Savings Account (CESA) regular contribution for the previous year.

Because 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. Because in 2023 April 15 falls on a Saturday, and Emancipation Day, a designated holiday in Washington D.C., will be observed on Monday, April 17, the 2022 tax-filing deadline for most individuals is Tuesday, April 18, 2023. For this reason, the deadline for most individuals to contribute to an IRA, HSA, or CESA for 2022 is also Tuesday, April 18, 2023.

Keep in mind that taxpayers residing in a federally declared disaster area may have additional time to file their tax returns and make IRA, HSA, or CESA contributions for 2022.

For an opportunity to learn more about IRAs and other tax-advantaged accounts, including Health Savings Accounts and Coverdell Education Savings Accounts, consider the Wolters Kluwer IRA Library or 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.
Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 26 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.
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