Contribution Deadlines and Limits

What you'll find on this page:

2011 federal deadlines and limits for retirement accounts

Account type Contribution deadline* Contribution limit Additional catch-up contribution for people age 50 and older
Traditional IRA and Roth IRA April 15* $5,000 $1,000
SEP-IRA April 15, or until the date of tax-filing extension, if filed with the IRS 20% of net self-employment income (or 25% of compensation) up to $49,000 None
Solo(k) Depends on company's fiscal year end and any filing extensions 20% of net self-employment income (or 25% of compensation) plus $16,500, up to $49,000 $5,500

*With certain exceptions for weekends and holidays, the April 15 deadline for filing your federal income tax is also the deadline to make your final traditional IRA and Roth IRA contributions. Tax-filing extensions do not apply to IRA or Roth IRA contributions. As with your tax return, the IRS honors the postmark date; therefore, if you mail your contribution by April 15, you will meet the deadline.

2011 deadline and limit for Coverdell Education Savings Accounts (ESAs)

Standard limit (up to age 18): $2,000

Contribution deadline: April 15

Make a contribution to your IRA

To make a regular contribution or to perform a rollover to your IRA, use the Contribution form.

Contribution deadlines for small business plans

SEP-IRA: Tax filing deadline (April 15) or extended tax filing date

Deadlines to establish and fund your SEP-IRA plan are the same as for your business tax-filing deadline—in most cases, April 15. Any tax-filing extension you receive also applies to your SEP-IRA contribution.

If you are a sole proprietor, you may make your annual contribution to a SEP-IRA for a specific tax year starting on January 1 of that year and the contribution deadline is your tax return filing date (generally April 15 of the following year).

If you have filed an extension, you will have until that date to contribute, which is generally October 15. If you are a corporation that offers a SEP-IRA and you are not a sole proprietor, the deadlines are March 15 and September 15. Deadlines for a partnership or LLC are April 15 and September 15, respectively.

Solo(k) deadlines

If you are a new adopter of a PENSCO Trust Company Solo(k) Plan, you must complete all plan adoption steps by the 15 days before the end of your business tax year in order to make contributions for that year.

For example, if your business tax year ended December 31, you should have completed all plan adoption steps by December 15, 2010, in order to make plan contributions for 2010. Please refer to the PENSCO Trust Solo(k) Plan Establishment Kit

Plan contribution deadlines

Incorporated business

The deadline for the completion of the elective deferral form is the last day of the plan year. The election applies only to salary payable after the election form is completed. You must send the contribution (postmarked, if by mail) to PENSCO Trust Company no later than the deadline, including extensions actually granted by the IRS, for filing your business federal income tax return for the tax year for which you make the contribution.

Unincorporated business (partnership, LLC, sole proprietor)

The deadline for the completion of the elective deferral form is the last day of the plan year. The election applies to any compensation earned for that year. The contribution must be sent (postmarked, if by mail) to PENSCO Trust Company no later than 5 business days before the deadline, including extensions actually granted by the IRS, for filing your business federal income tax return for the tax year for which you make the contributions.

Profit-sharing (discretionary) contributions

You must send the contribution (postmarked, if by mail) to PENSCO Trust Company no later than the deadline, including extensions actually granted, for filing your business federal income tax return for the tax year for which you make the contributions.

Income limits for retirement account contributions

Money you put into a traditional IRA is generally tax-deductable unless you (or your spouse) are an active participant in a qualified workplace retirement plan, such as a 401(k) or 403(b). In that case, restrictions apply. Refer to the two tables below to determine whether your IRA contributions qualify. See IRS Publication 590 for additional details.

Traditional IRA tax-deductibility range and limits if you are covered by a retirement plan at work

If your filing status is… And your modified adjusted gross income (modified AGI) is… Then you can take…
Single or head of household $56,000 or less A full deduction
More than $56,000 but less than $66,000 A partial deduction
$66,000 or more No deduction
Married filing jointly or qualifying widow(er) $90,000 or less A full deduction
More than $90,000 but less than $110,000 A partial deduction
$110,000 or more No deduction
Married filing separately less than $10,000 A partial deduction
$10,000 or more No deduction

Source: IRS Publication 590

Traditional IRA tax-deductibility range and limits if you are NOT covered by a retirement plan at work

If your filing status is… And your modified adjusted gross income (modified AGI) is… Then you can take…
Single or head of household Any amount A full deduction
Married filing jointly or separately with a spouse who is not covered by a plan at work Any amount A full deduction
Married filing jointly with a spouse who is covered by a plan at work $169,000 or less A full deduction
More than $169,000 but less than $179,000 A partial deduction
$179,000 or more No deduction
Married filing separately with a spouse who is covered by a plan at work less than $10,000 A partial deduction
$10,000 or more No deduction

Source: IRS Publication 590

Roth IRA phase-out range and limits, based on your adjusted gross income (AGI)

Tax year Single Married filing jointly
2010 $105,000-$120,000 $167,000-$177,000
2011 $107,000-$122,000 $169,000-$179,000

Pre-tax and after-tax contribution limits for Solo(k) plans

Contribution type Business type Election deadline Contribution (postmark) deadline Contribution (postmark) deadline with extension
Elective deferral (Roth) Incorporated 12/31/11
(or last day of plan year)		 03/15/12
(or 15th day of third month after end of business tax year)		 09/15/12
(or 15th day of ninth month after end of business tax year)
Elective deferral (Roth) Unincorporated* 12/31/11
(or last day of plan year)		 04/15/12
(or 15th day of fourth month after end of business tax year)		 09/15/12
(or 15th day of ninth month after end of business tax year)
Elective deferral (pre-tax) Incorporated 12/31/11
(or last day of plan year)		 03/15/12
(or third month after end of business tax year)		 9/15/12
(or 15th day of ninth month after end of business tax year)
Elective deferral (pre-tax) Unincorporated* 12/31/11
(or last day of plan year)		 04/15/12
(or 15th day of fourth month after end of business tax year)		 9/15/12
(or 15th day of ninth month after end of business tax year)
Profit sharing Incorporated N/A 03/15/12
(or 15th day of third month after end of business tax year)		 09/15/12
(or 15th day of ninth month after end of business tax year)
Profit sharing Unincorporated* N/A 04/15/12
(or 15th day of fourth month after end of business tax year)		 9/15/12
(or 15th day of ninth month after end of business tax year)
Rollover or transfer Incorporated N/A N/A N/A
Rollover or transfer Unincorporated N/A N/A N/A

*Sole proprietors and single-member LLC entities have until 10/15/12

SEP-IRA contribution limits

Year Maximum dollar allocation Maximum considered compensation
2010 $49,000 $245,000
2011 $49,000 $245,000

Solo(k) contribution limits

Year Age 49 and younger Age 50 and older Employer profit-sharing contribution
2009 $16,500 $22,000 $32,000
2010 $16,500 $22,000 $32,000
2011 $16,500 $22,000 $32,000