Simon Dawkins' goal after 62 minutes offered hope of getting back into the tie at 2-1 on aggregate but those hopes cruelly only lasted a minute as Liam Trotter pounced to restore Ipswich's two-goal advantage.
That must have knocked the stuffing out of the lads and Aidan Collins' header late on to make it 2-1 on the night, 4-1 on aggregate, was almost immaterial.
Nevertheless, it was a brave effort from a side that has toppled Liverpool away and highly-fancied Everton and Watford in the last two rounds.
Pat Holland made two changes from the first leg with Chris Riley in for Mark Wright, Phil Ifil moving over to left-back and Radwan Hamed replacing Simon Dawkins up front.
Both sides popped the ball about in the early stages although the visitors got into their stride quicker and pushed into some dangerous areas without really causing alarm.
It took 18 minutes for the first effort at goal as Garvan climbed high to meet Craig's free-kick at the far post but his header lacked power and was gathered easily by Forecast.
The next few minutes were a bit scrappy as we tried to get back into the game but it was Forecast called into action again after 26 minutes, darting out to meet Clarke.
A couple of forages down the left flank got us a footing in the game, O'Hara's free-kick was scrambled away and Maghoma drove wide from 25 yards on the half-hour.
Ipswich responded after Clarke took a bit of a buffering on the edge of the box and Lordan curled the free-kick just wide with Forecast at full stretch.
Mills was there to take the ball away from Trotter as Clarke's pass opened us up but we hit back with our best move of the half a minute before the break, Barcham working a yard down the right and crossing deep for Daniels, who climbed well at the far post but didn't get enough power on his header to trouble Supple.
We made two changes at half-time with right winger Jamie Davis on for Riley and Simon Dawkins replacing Hamed. It meant Ifil switched back to right-back and Daniels to left-back.
However, Ipswich came flying out of the traps and after Clake's shot was deflected just over, Ifil was forced to clear Garvan's header off the line from Craig's corner.
Dawkins was straight into the action, chasing down Daniels' clearance and holding off Collins before curling straight at Supple.
Mills was forced to clear twice at the near post and Forecast did well to grasp Casement's header with Trotter ready to pounce.
There was then a blow as skipper Ifil limped out of the action with an ankle injury, replaced by Claude Seanla. Lewis moved to right-back.
Three minutes later and Seanla sprinted onto Lewis' clearance but Supple was there to block the one-on-one with his legs. Dawkins was first to the rebound but his follow up was deflected wide.
What was effectively now a front four of Barcham, Seanla, Dawkins and Davis started to cause all sorts of problems and it wasn't long before we got the crucial goal back. With 62 minutes on the clock, Mills glanced on Lewis' corner and Dawkins headed home from close range.
Unfortunately, the joy of being right back in the tie only lasted 60 seconds. Ipswich pushed on from the restart and the ball was lifted over our back line where Trotter prodded past Forecast.
Seanla was somehow denied at the far post as he closed in on Davis' cross to the with Supple out of the equation but that was it for the next few minutes as the importance of that Ipswich goal started to sink in.
Maghoma drove wide after 78 minutes and then a great chance as Seanla raced onto Maghoma's pass, did the hard work by jinking past Supple only to drive wide from a tight angle.
With time ticking away, Ipswich finally ended it. Craig swung in a free-kick from the right and Collins powered home his header from 10 yards.
34mins: Lordan curled free-kick from edge of area just wide with Forecast at full stretch.
44mins: Barcham worked a yard down the right flank and crossed deep for Daniel to meet with looping header at far post, not enough power to trouble Supple but encouraging.
Half-time: Spurs 0, Ipswich Town 0
47mins: OFF LINE. Ipswich on front foot at the start of second half and Ifil forced to clear Garvan's looping header from Craig's corner off the line.
53mins: CLOSE. Clarke kept the ball alive at the far post, Casement headed back towards goal and forced Forecast to gather bravely with Trotter snapping away.
60mins: CHANCE. Chance of the night so far as Seanla sprinted onto Lewis clearance but Supple blocked the one-on-one. Dawkins followed up but shot to open goal was deflected wide.
62mins: GOAL. Lewis corner met by Mills, glancing header turned in by Dawkins from close range.
Spurs 1, Ipswich Town 0 (aggregate 1-2)
63mins: GOAL. Ball lifted over the top of defensive line, Trotter held off challenge and prodded past advancing Forecast.
Spurs 1, Ipswich Town 1 (aggregate 1-3)
64mins: CLOSE. Seanla inches away from Davis cross from right with Supple beaten.
80mins: CHANCE. Seanla raced onto Maghoma's pass, jinked past Supple but fired wide from a tight angle.
86mins: GOAL. Craig swung in free-kick from right, Collins powered in header.
Spurs 1, Ipswich Town 2 (aggregate 1-4)
Final score: Spurs 1, Ipswich Town 2 (aggregate 1-4)
Spurs: Forecast, Riley (Davis, 45), Ifil (Seanla, 57), Maghoma, Mills, Lee, Lewis, Hamed (Dawkins, 45), Barcham, O'Hara, Daniels. Subs: Holloway, Archibald-Henville.
Ipswich Town: Supple, Moore (Krause, 66), Synnott, Trotter, Collins, Casement, Lordan (Haynes, 68), Knights, Clarke, Garvan, Craig. Subs: Reynolds, Ainsley, Sheringham.
Our FA Youth Cup dream sadly ended as we lost our semi-final, second leg against Ipswich Town at the Lane on Wednesday night.