Can You Still do a 2009 IRA Contribution or Roth Conversion?

Most taxpayers know that you make IRA or Roth IRA contributions up to April 15th for last year (if you are eligible to make a contribution in the first place). You must let the IRA custodian know that your contribution is for the prior year and it must be received by April 15th. In some cases, you may be able to go by a postmark, but I would check with your IRA custodian before you try that. Also, don't just drop off your contribution at the nearest office or branch without some sort of a cover letter to let someone, anyone, at the institution know what you are doing.

Do these same rules hold true for Roth conversions? NO, they do not. In order to have a Roth conversion for 2009, the funds must leave the IRA by December 31, 2009. There is no extension on that date. If the funds leave the institution on January 1, 2010, then you have a conversion for 2010.

Now, to go back to the issue of contributions. I know you are asking "What are the requirements for making contributions?" First of all, you must have earned income. The safe harbor is income reported on a W-2 form. For IRAs, there are no income limits for making a contribution. For Roth IRAs, there are income limits.


2009 $166,000-$176,000 (married/joint) $105,000-$120,000 (single or head of household)

2010 $167,000-$177,000 (married/joint) $105,000-$120,000 (single or house of household)

If you file married-separate, your phase-out range is $0-$10,000.

By IRA Technical Consultant Beverly DeVeny and Jared Trexler
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