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Upcoming IRA Deadlines: What You Need to Know Thumbnail

Upcoming IRA Deadlines: What You Need to Know


As tax season approaches, it’s important to be aware of key deadlines for Individual Retirement Accounts (IRAs). Missing these deadlines could mean losing out on valuable tax benefits and retirement savings opportunities. Whether you’re contributing to a Traditional IRA, Roth IRA, or considering an IRA recharacterization because you've made excess contributions, here’s what you need to know to stay on track.

Key IRA Deadlines for 2025

April 15, 2025 – Contribution Deadline for 2024

The deadline to contribute to an IRA for the 2024 tax year is April 15, 2025, which coincides with the federal tax filing deadline. This applies to both Traditional IRAs and Roth IRAs.

  • The maximum contribution limit for 2024 is $7,000 (or $8,000 if you’re age 50 or older).
  • Contributions made by this deadline can still be counted for the 2024 tax year, even if made in early 2025.

April 15, 2025 – Recharacterization Deadline

If you contributed to a Traditional IRA in 2024 but later decide that a Roth IRA would be a better option (or vice versa), you can recharacterize the contribution by April 15, 2025.  Conversely, if you contributed to your Roth IRA and realize you are over the adjusted gross income limits, you can recharacterize the contribution by April 15, 2025.

  • Recharacterizations allow you to change the type of IRA contribution and avoid unnecessary tax consequences.

October 15, 2025 – Extended Tax Filing Deadline for SEP IRA Contributions

If you file for a tax extension, you have until October 15, 2025, to contribute to a SEP IRA for the 2024 tax year. This only applies if you’re self-employed or a small business owner using a SEP IRA for retirement savings.

  • SEP IRAs allow for higher contribution limits—up to 25% of compensation or $69,000 for 2024.

Why These Deadlines Matter

Meeting these deadlines ensures that you:

  • Maximize tax benefits – Traditional IRA contributions may be tax-deductible, reducing your taxable income for the year.
  • Grow your retirement savings – The earlier you contribute, the more time your investments have to compound and grow.
  • Avoid penalties and missed opportunities – Late contributions or conversions won’t count for the intended tax year, which could impact your retirement strategy.

Final Thoughts

IRA deadlines are critical for tax planning and retirement savings. If you haven’t yet contributed for 2024, there’s still time to take advantage of tax-deferred or tax-free growth before the April 15, 2025 deadline. If you’re considering an IRA contribution or recharacterization or SEP IRA contributions, understanding these deadlines will help you make informed financial decisions.

Would you like help with optimizing your IRA strategy before the deadline? Reach out to us to ensure you’re making the most of your retirement savings opportunities.  www.birchstreetadvisors.com