Making contributions to your IRA – for 2023 – before April 15, 2024

I’m no expert in financial planning, and WashCard is not in the financial business. But recently  in a conversation with a friend of mine – a professional financial planner – we were talking about writing off expenses with the Section 179 tax program. (You can write of 100% of your investment in new equipment and software purchases). 

The topic of IRA’s came up; along with the fact that many independent wash owners are successful, making money, and are so busy running from task to task they might miss an important IRA reporting deadline.

So, here’s some handy info on deadlines from Jenny Klismet, who is with Vilardi Wealth Management. 

It’s crucial to note that this article serves informational purposes only and is not a substitute for professional advice. For the most accurate and up-to-date information regarding IRA account deadlines and contribution strategies, consult with your tax, legal, and accounting professionals.

She writes, “From a financial perspective, while spring is typically associated with taxes, it’s essential to recognize that January holds significance for crucial Individual Retirement Account (IRA) deadlines. The year 2024 brings forth several changes and distinctions, making it imperative to stay informed.

The deadline for taking your Required Minimum Distribution from traditional IRAs falls on December 31, 2024.

If you plan to make annual contributions for the year 2023 to a traditional IRA, Roth IRA, or certain other retirement accounts, mark April 15, 2024, as the deadline.

Understanding the timing for IRA contributions is essential. You have the flexibility to make a yearly IRA contribution from January 1 of the current year to April 15 of the following year. Consequently, for the year 2024, you can contribute to your IRA anytime between January 1, 2024, and April 15, 2024.

It’s worth noting that individuals can open or contribute to a Traditional IRA even past the age of 72, provided they have taxable income.

For those making a 2023 IRA contribution in early 2024, clearly specify the tax year for which the contribution applies when reporting the investment company hosting your IRA account. Failing to indicate the tax year may lead the custodian firm to default assumption, recording the contribution for the current year and reporting it accordingly to the IRS.

When making contributions via check, explicitly write “2024 IRA contribution” or “2023 IRA contribution” in the memo area. Ensure your account number is clearly noted on the check. If contributing electronically, double-check that these details are accurately provided.”

For further information, reach out to Vilardi Wealth Management at 727-304-1410 or visit their website at

Here’s Jenny’s contact information:

Jenny Klismet
Registered Assistant
Vilardi Wealth Management 
3622 Galileo Drive Ste. 103
Trinity, FL 34655
Fax 727-304-2183

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth