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Deadlines for Retirement-Plan Contributions in 2014

You still have time to contribute to a 401(k), IRA or SEP.

Is it too late to contribute to my retirement savings plan for 2014? --S.U., via e-mail

See Also: Are You Saving Enough for Retirement?

The deadline for contributing to a 401(k), 403(b) or other employer retirement plan is December 31. Contributions must be via payroll deduction, but you may also be able to earmark a year-end bonus for your account. If you’re talking about an IRA, you still have plenty of time. The deadline for contributions for 2014 is April 15, 2015. You can stash up to $5,500 in an IRA (or $6,500 if you were 50 or older in 2014). If your spouse doesn’t work, you can contribute to an IRA on his or her behalf. If your adjusted gross income in 2014 was less than $129,000 ($191,000 if you’re married and file jointly), you can contribute to a Roth IRA.

If you had any self-employment income in 2014—even if it was only some freelance work on the side—you have until April 15, 2015 (or October 15 if you file an extension) to make tax-deductible contributions to a simplified employee pension (SEP). You can contribute 20% of your net self-employment income up to $52,000 for 2014.

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