It’s still possible to make contributions to your self-directed IRA for 2015 – you have until the tax-filing deadline, which is April 18 this year. According to Christine Benz of Moringstar.com
, investors shouldn’t wait until the last minute to contribute to an IRA, because they could be missing out on potential returns. In her article, “Last-Minute IRA Contributors: 10 Mistakes to Avoid,”
Benz lists IRA contribution best-practices that could benefit investors in the future.
A few of the suggestions listed are fairly straightforward, such as making sure to make the correct type of contribution or making a contribution and not investing it, but instead leaving it in a cash account. The article does touch on a few more advanced topics including:
Not forgetting about spousal contributions, if you qualify
Knowing the rules about Required Minimum Distributions
Deciding whether to complete a Roth conversion at the same time you make a contribution
If you haven’t made a contribution to your self-directed IRA yet (or if you still need to open your self-directed IRA), please contact us soon. The tax-filing deadline is approaching fast.