You can't do previous years (in the plural). For 2016, you have until Apr 18th of 2017 or until you file your return - whichever occurs first.
Yes, you can only contribute for the prior year. Until the due date (April 15) of the return.
If you are over 50 you can contribute more but it’s still only for the current (or prior) year.
@tnomliwnotroh - this is a year old post asking about 2016-2017.
The term "catch up" refers to the additional $1,000 that a person over age 50 can contribute to an IRA, not the ability to contribute to a prior year.
For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
(Taxable compensation is generally money that you worked for - W-2 or self-employed income).
For 2018 taxes You have until April 15, 2019 to make a 2018 contribution to an IRA if eligible.
The catch-up notion is a misnomer. It just means you are encouraged/allowed to put more in now assuming you have failed to put IRA contributions in regularly from an early age. Is it going to make much of a difference in your retirement results.? that's dubious.
The absolute latest you can make a 2018 contribution, will be Apr 15, 2019, or until the date you file your return - whichever occurs first.
You can file your tax return before you actually make the IRA contribution as long as you make the contribution by the April 15 tax filing deadline. Many taxpayers enter the intended contribution amount on there tax return and file it and them use the refund to make the actual contribution.
It does not matter when the tax return is filed as long as the contribution is made on or before Apr 15. (If a Traditional IRA and it was not reported on a previously filed tax return then it would be necessary to amend to add it within 3 years of the filing date.)
Or you can make a 2018 Roth IRA contribution up to April 15, 2019 and nothing needs to be entered on your tax return at all* - only Traditional IRA contribution must be entered.
*You might want to enter the Roth contribution into TurboTax anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
IRA Catch-Up Amounts
Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions.
You can make catch-up contributions to your traditional or Roth IRA up to $1,000 in 2015 - 2017. Catch-up contributions to an IRA are due by the due date of your tax return (not including extensions).