Quantcast
Skip to content
Communities
  • North Fork
    • Jamesport
    • Mattituck
    • Orient
    • Riverhead
    • Shelter Island
    • Southold
  • The Hamptons
    • Montauk
    • Quogue
    • Sag Harbor
    • Sagaponack
    • Southampton
    • Water Mill
    • Westhampton Beach
  • NYC
  • Palm Beach
  • Home Pros
  • Digital Editions
  • Dan’s Best of the Best
  • Contact Us
  • RegisterLogin
Dan’s Papers
  • Things to Do

    Events Calendar

    View and Post Events

    • Books & Authors
    • Concerts
    • Comedy
    • Fairs & Festivals
    • Film
    • Fitness & Outdoors
    • Galleries & Museums
    • Kids & Families
    • LGBTQ+
    • Nonprofits & Philanthropy
    • Pets & Animals
    • Seasonal & Holiday
    • Shopping
    • Theater

    Dan’s Events

    Visit Dan’s Taste

  • Arts & Culture
    • Artist Profiles
    • Books & Authors
    • Galleries & Museums
    • Performing Arts
    • Music, Film & TV
  • Food & Drink
    • Recipes
    • Restaurants
    • Bars, Breweries & Distilleries
    • Wine & Wineries
  • Celebrity News
  • Local News
    • Crime & Police
    • Politics
    • Health
    • Business
    • Education
    • Environment
    • Obituaries
  • Real Estate
  • Lifestyle
    • Fashion & Style
    • Hotels & Inns
    • Kids & Family
    • Nonprofits & Philanthropy
    • Party & Event Photos
    • Wellness
    • Dan Rattiner’s Stories

→ Dan’s Chefs of the Hamptons: July 17, Si Si East Hampton

Business

Tax Tip of the Day: Taxpayers Get More Time to Contribute to IRAs in 2012

By Berrios & Associates, Inc.
4 minute 04/03/2012 Share

You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for filing your tax return and making contributions to your 2011 IRA is Tuesday, April 17.

Here are the top 10 things the IRS wants you to know about setting aside retirement money in a traditional IRA.

1. You may be able to deduct some or all of your contributions to your IRA. You may also be eligible for the Savers Credit, formally known as the Retirement Savings Contributions Credit.

Close

Get the Full Story

News, events, culture and more — delivered to you.
Thank you for subscribing!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

2. Contributions can be made to your traditional IRA at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means you must make contributions for 2011 by April 17, 2012. If you contribute between Jan. 1 and April 17, you should designate the year targeted for the contribution.

3. The funds in your IRA are generally not taxed until you receive distributions from it.

4. Use the worksheets in the instructions for either Form 1040A or Form 1040 to figure your deduction for your IRA contributions.

5. For 2011, the most you can contribute to your traditional IRA is generally the smaller of the following amounts: $5,000 for most taxpayers, $6,000 for taxpayers who were 50 or older at the end of 2011 or the amount of your taxable compensation for the year.

6. Use Form 8880, Credit for Qualified Retirement Savings Contributions, to determine whether you are also eligible for a tax credit equal to a percentage of your contribution.

7. You must use either Form 1040A or Form 1040 to deduct your IRA contribution or claim the Credit for Qualified Retirement Savings Contributions.

8. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA.

9. To contribute to an IRA, you must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. If you file a joint return, generally only one spouse needs to have taxable compensation. However, see Spousal IRA Limits in IRS Publication 590, Individual Retirement Arrangements, for additional rules.

Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Get tax tips right here every day through April 15—exclusively from Berrios & Associates, Inc. on Danshamptons.com! 

Berrios & Associates, Inc.
Main Client Support Phone Numbers
Tele#631-737-8811
Fax# 631-737-8812
www.berriosassoc.com

About Berrios & Associates, Inc.

Since 1999, Berrios & Associates, Inc. has been providing a distinctive mixture of leadership-knowledge, and customer service satisfying client needs in advisory, tax, and outsourcing. Serving a diverse client base from individuals and sole proprietors to private corporations with nationwide and international locations. In the domain of accounting firms, Berrios & Associates has engraved a distinctive business based on diverse solutions through the interpersonal relationship of corporate and personal tax, corporate back office support, and business growth advisory. The firm directs clients through their everyday operations to ensure they have the right business model in place to meet their business goals.

  • Vetted Hamptons Resources

    Hamptons Classified 

    Access our trusted network of local professionals and browse employment opportunities in the Hamptons.
    Find a Home Pro Search Jobs
  • Most Recent Articles

    Grill Hampton is back on Aug. 2

    Get Fired Up: Grill Hampton Returns to East Hampton August 2

    Alix Earle relaunched Sip Margs on July 11

    Alix Earle Brings the Heat & the Drinks at Sip Margs Relaunch in East Hampton

    Kevin Hart== Barclays Uber Visa Card Launch Party in the Hollywood Hills== Private Residence, Los Angeles, CA== November 18, 2017== ©Patrick McMullan== Photo - David Crotty/PMC== ==

    Kevin Hart Lights Up Montauk Point Lighthouse

    Edward Lalo

    Noise, Quiet & Everything in Between – The Edward Lalo Roll-Out

  • Things to do on the East End

    More local events

    Southampton Hospital Foundation Presents the 5th Annual East Hampton Emergency Department Luncheon: A Conversation with Aerin Lauder, Author, Style Icon, and Founder of AERIN

    Maidstone Club
    Today, 10:30 am

    JHB Gallery at Jetsam Studio

    Jetsam Studio
    Today, noon

    Art In The Park

    Agawam Park
    Jul 19, 10 am

    Tall Ship KALMAR NYCKEL Sails in Greenport

    East End Seaport Museum
    Jul 22, 5 pm

    Buy what you Love – Art fundraiser for cancer patients

    Halsey McKay Gallery
    Jul 26, 4 pm

    The Jackie Mason Musical

    southampton cultural center
    Jul 26, 7 pm
    Dan’s Papers

    The iconic mainstay of Long Island’s East End for over 60 years.

    Read Our Papers

    Digital Editions of Dan’s Papers are available online.
    Get our best stories right into your inbox. Subscribe
    Follow us
    © Dan’s Papers 2025 Schneps Media |
    Designed by Digital Silk
    • Terms of Use
    • Privacy Policy

    Post an Event