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IRAs: Your Last Chance to Save on Taxes This Year

April 15 is almost here, and if you're looking for a last-minute tax break, you're running out of time. Contributing to an IRA is a smart move, but after April 15, you won't be able to make a contribution for the 2013 tax year any longer.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at IRAs and what you need to do to get in under the wire. Dan reminds viewers that IRAs let you contribute up to $5,500 for those under age 50 or $6,500 for those 50 or older, with 2013 contributions allowed up until the April 15 tax-filing deadline. But he also points out that even though you can get an extension for filing your tax return, you can't get extra time to contribute to an IRA. Dan therefore suggests working with your financial provider to make sure you meet any necessary deadlines, potentially visiting institutions in person rather than counting on online or other electronic means to get your contributions made.

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  • Report this Comment On April 17, 2014, at 12:40 AM, chainblue wrote:

    Well, even if you missed the tax deadline you can still have a good investing year. Consider rolling your IRA into a Self Directed IRA or Self Directed SEP IRA. The benefits of flexibility are huge. Now there are some differences and you need to know the self directed IRA rules and prohibited transactions, etc. But its worth checking out. I had mine set up 100% by IRA checkbook. The "checkbook ira" is a nickname because it really becomes that simple to invest in Real Estate and many other alternative investments. There's a free email course on their website http://iracheckbook.com and it is automatically delivered without a sales call.

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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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