If you haven’t yet contributed the maximum amount to your IRA or Roth IRA in 2025, remember that eligible participants have until April 15, 2026. The 2025 limit is $7,000 ($8,000 if you’re age 50 or older). Traditional IRA contributions can lower your 2025 tax bill. Just correctly designate the year for which you’re contributing. If you file jointly and only one spouse has earned income, a nonworking spouse may be eligible to contribute to a “spousal” IRA. Be aware that extending your 2025 income tax return doesn’t extend your 2025 IRA contribution deadline. If you’ve already contributed the 2025 maximum, you can make contributions for the 2026 tax year. Contact us to learn more.
