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IRA contribution deadline 2022: There's still time to maximize your retirement savings

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The calendar may have flipped to 2023, but you still have a few months to make individual retirement account (IRA) contributions for 2022. The IRA contribution deadline is the same day your income tax return is due, not including extensions. So it's not too late to maximize your tax-advantaged retirement savings opportunities.

Maxing out your IRA contribution is beneficial for your financial future. Not only can contributions to a traditional IRA help lower your taxable income and potentially reduce the amount of taxes you owe, but it also can help you save for retirement. When you make Roth IRA contributions, your money goes into an account that grows tax-free, which means your money can compound over time.

If you were unaware that you can still contribute to an IRA after Jan. 1, you're not alone. Only 45% of respondents to Thrivent's Retirement Readiness survey reported having even a moderate amount of knowledge about how IRAs work.

Here's everything you need to know about the upcoming deadline and how much you can contribute for 2022 and 2023.

When is the IRA contribution deadline?

You have until April 18, 2023, to contribute to your traditional or Roth IRA and have it count as a 2022 contribution. For 2023 contributions, you have until April 15, 2024.

Do IRA contributions have to be postmarked by April 18?

The easiest way to get your contribution in on time and allocated to the correct tax year is to do so online no later than April 18. Make sure you designate it as a 2022 contribution, so it doesn't get allocated to 2023.

If you prefer to mail a check for your IRA contribution, it must be postmarked by April 18, 2023, and designated as a 2022 contribution to be accepted for the prior tax year. Any contributions postmarked after that date are allocated to 2023.

Can you open an IRA in 2023 & contribute for 2022?

If you didn't have an open IRA account in 2022, it's not too late to open one. IRAs must be established by the tax filing deadline (without extensions) for the tax year in which your qualifying contributions apply. This means even if you don't have an IRA account, you have until April 18, 2023, to open one and potentially make a tax-deductible contribution for 2022.

Other retirement account contribution deadlines

If you have other retirement accounts, the deadline for contributions may be different than the IRA contribution deadline.


The deadline for contributing to a Simplified Employee Pension (SEP) IRA—used by businesses or self-employed people—is based on when the business's tax returns are due, including extensions. So, if you have a SEP IRA and your business runs on a calendar year, you can extend your business return and make contributions as late as Oct. 16, 2023, and have them count as 2022 contributions.


Employee salary deferrals have to be taken from each paycheck and the employer has 30 days after taken from the paycheck to deposit. The last paycheck of the year the deadline is January 30. This means you have until January 30, 2024, to make contributions for 2023.

401(k) and 403(b) plans

401(k) and 403(b) plans don't offer the same flexibility on contributions as IRAs. They do, however, follow the same rule as SIMPLE IRA funding but instead the last paycheck of the year deadline is January 15. The deadline to make 2022 contributions to your 401(k) or 403(b) plan is the end of the calendar year—meaning by Dec. 31, 2022.

IRA contribution limits for 2022 & 2023

Making IRA contributions is a great way to save for retirement and potentially reduce your taxable income. The contribution limits change from year to year, so it's essential to stay up to date on the current rules.

2022 Contribution Limits
2023 Contribution Limits
Traditional & Roth IRA contribution limit
Catch-up contributions for those 50 and older

Contributing to an IRA is a great way to bolster your retirement savings. And if you act before April 18, 2023, you can make contributions for the 2022 tax year and potentially lower your tax bill. Additionally, you can contribute for both 2022 and 2023 and increase your ability for compound savings.

If navigating all of the options out there feels tricky, schedule a meeting with a Thrivent financial advisor. They can help you take a closer look at your options to maximize your retirement contributions, enjoy tax-efficient savings and gain confidence in your retirement path.

State tax rules may differ from federal rules governing the tax treatment of Roth IRAs, and there may be conflicts between federal and state tax treatment of IRA conversions. Consult your tax professional for your state's tax rules.

Contribution is reduced if MAGI is between $129,000 and $144,000 on a single return and $204,000 to $214,000 on a joint return. If you are a married taxpayer who files separately, consult your tax advisor.

Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.