Did You Forget About Your 2022 IRA Like a Birthday Gift You Hid From Yourself? (California Residents Relax, There's Hope!)
Let's face it, remembering to contribute to your IRA can feel like that time you bought yourself an awesome birthday present, meticulously hid it, and then completely forgot about it until next year's birthday rolls around. (Hey, at least you got a surprise, right?)
But fear not, Californians! Unlike that tragically re-gifted birthday sweater, there's still a chance to snag that sweet tax advantage for your 2022 IRA.
The Great IRA Deadline Debacle (and Why California Gets a Do-Over)
For most folks, the deadline to contribute to an IRA for the previous tax year is typically April 18th of the following year. But hold on to your tax forms, because California loves a good plot twist!
Thanks to some wild weather back in 2022 (Mother Nature, you drama queen!), the IRS granted an extension for disaster-stricken areas in most of California. This means you, my fellow Golden State residents, have a much more relaxed deadline to worry about.
Drumroll please
Californians affected by the disaster have until October 15th, 2023 to make contributions to their 2022 IRAs. That's right, folks – you've got extra time to unearth that hidden birthday money (or, you know, your actual income) and funnel it into your retirement nest egg.
But what if I'm not sure if I live in a disaster area?
No worries, we've got you covered. The counties that qualified for the extension are all except Lassen, Modoc, and Shasta. If you're unsure, a quick internet search or a call to your friendly neighborhood accountant can clear things right up.
Don't Procrastinate Like You Did About That Birthday Gift (Unless It Was Really Awesome)
While California grants you some breathing room, it's still not wise to wait until October 14th at 11:59 pm to make your contribution. Get it done early, avoid the last-minute scramble (and potential for online glitches), and enjoy the peace of mind that comes with knowing your future self will thank you.
So there you have it! Californians, you've been granted a mulligan on the 2022 IRA deadline. Use this wisely, and remember – procrastination is the thief of time (and potentially, some sweet tax benefits).
