All of the following are true statements about Individual Retirement Accounts EXCEPT: A the earliest a taxpayer may make an annual contribution is January 1st of that tax year B the latest a taxpayer may make an annual contribution is April 15th of the following tax year C if the taxpayer obtained a 4 month filing extension, he can make the annual contribution up to the extension date D annual contributions may be made even if the person is covered by another qualified retirement plan

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22-02-2022
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All of the following are true statements about Individual Retirement Accounts EXCEPT: A the earliest a taxpayer may make an annual contribution is January 1st of that tax year B the latest a taxpayer may make an annual contribution is April 15th of the following tax year C if the taxpayer obtained a 4 month filing extension, he can make the annual contribution up to the extension date D annual contributions may be made even if the person is covered by another qualified retirement plan

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Tundexi Tundexi · Answer 1 · 2022-03-03T11:21:15+01:00

The statement that "if the taxpayer obtained a 4 month filing extension, he can make the annual contribution up to the extension date" is an untrue statement about an Individual Retirement Account.

What is an Individual Retirement Account?

An Individual Retirement Account refers to a saving account that allows workers to save their money for retirement in a tax-advantaged way.

The true statement about the Individual Retirement Account includes:

the earliest the taxpayer can may make an annual contribution is January 1st of the tax year.
the latest the taxpayer can may make an annual contribution is April 15th of the following tax year.
the annual contributions may be made even if the person is covered by another qualified retirement plan.

Therefore, the Option C is correct.

Read more about Individual Retirement Account

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