No Extension for Contributions

• The IRS does not allow you to extend the deadline for making your annual IRA contribution if you get an extension for your income taxes. The deadline for making your annual IRA contribution is the regular tax filing deadline, usually April 15 unless it falls on a weekend or holiday. If you receive a filing extension so that your tax return becomes due six months later, you must still make your IRA contribution by the regular income tax filing deadline.
  
  

Benefits of IRA Contributions

• When you make your contribution to a traditional IRA, you can deduct the contribution from your taxable income unless you are covered by an employer plan and your modified adjusted gross income exceeds the annual limit. In addition, both traditional and Roth IRA contributions can qualify you for the retirement savings credit. Finally, if you make your contribution after the deadline, it counts toward the following year, limiting how much extra you can contribute.
  
  

Required Distributions

• The deadline for taking required minimum distributions is also unaffected by an income tax filing extension. The deadline for taking your first minimum required distribution is April 1 of the year after you turn 70 1/2. You must take all future minimum required distributions by the end of the calendar year. Failing to take these distributions on time will result in a 50 percent tax penalty.
  
  

Effects of Extensions

• Income tax filing extensions only extend the time that you have to file your income tax return. An extension does not increase the time that you have to qualify for deductions or the time you have to pay. If you do not pay on time, the IRS charges interest on the unpaid amount. If you have not paid at least 90 percent of what you owe by the regular tax deadline, you will also owe late payment penalties.