It is not too late! You can still make  2011 contributions to your IRA up to April 17^th, 2012.

Traditional IRAs (if you qualify to make deductible contributions) present an opportunity to contribute funds on a pre-tax basis, reducing your 2011 taxable income.

Roth IRA contributions (assuming you meet the income requirements) are not deductible, so there is no tax benefit for 2011. They are still worth considering though as qualified distributions will be free from income tax (i.e. your gains in the funds are not taxed).

If you are not sure which is right for you as an expat (Traditional or Roth), please contact me and I can help. Many expats are eligible for Traditional IRA contribution deductions and not even aware of it. Where you may have been covered by a 401K or other qualified employer plan in the US that may have made contributions not deductible, you may now be working overseas and not covered by a qualified plan. This means your Traditional IRA contributions could be deductible.