When is the last date a contribution may be made to qualify for a given year?

Contributions to certain retirement accounts, such as IRAs, are recognized for a given tax year if they are made by the due date of the tax return for that year, which is typically April 15 of the following year. This allows taxpayers to have some flexibility in making contributions for the previous tax year even after the calendar year has ended.

For example, if an individual wishes to contribute to their retirement account for the 2022 tax year, they can still make that contribution up until the tax return due date in April 2023. This option provides an opportunity for taxpayers to maximize their contributions and potential tax deductions without needing to rush to meet the end of the calendar year.

In contrast, contributions made after the tax return's due date would not be eligible for deduction for the previous tax year, aligning the eligibility of contributions strictly with this deadline.