Originally Posted by tvdes5
I took a deduction for my conventional IRA for 2012 and inadvertently failed to make the contribution. I just discovered it while doing 2013 taxes. What should I do? Thanks.
you have until your tax filing deadline in April to make a contribution for the previous calendar year. This means all 2012 IRA contributions must be made during 2012 or up until April 18, 2013. You cannot extend the contribution deadline by filing for a personal tax return filing extension. Even if you have an extension until October, your contribution must be in the account by the tax deadline..you can only defer up to the maximum for a current year. You can't go backwards and contribute for a prior year regardless of the date or amount contributed for prior years.