Does the IRA work under the calendar year or the tax year?

Question

For example, if I deposit $4000 by April 15th, 2008 can it all count for 2007 taxes?

Answer 1

You have until the income tax deadline (4-15-08) to make your IRA contribution for 2007.

As a technical point, for individuals the tax year and calendar year are the same.

Answer 2

If you contribute to your IRA before April 15, 2008, you can count it for 2007 if you designate it as a 2007 contribution.

You could have contributed to your 2007 IRA between January 1, 2007 and April 15, 2008. So you have more than one calendar year (which is the tax year for most taxpayers).