If I don't open an IRA before april 15th, can I not open one on april 16th for the next year?
2007-03-03 07:10:44 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
It depends on wether you want to claim for 2006 or 2007.....
IRA for 2006 is before April 15 2007. IRA for 2007 is after April 15 2007. So after April 15, you can't open an IRA for year 2006. YOU CAN OPEN ONE ON APRIL 16TH FOR 2007.
You can deduct taxes to year 2006 if you open a Traditional IRA.
Roth IRA is not tax deductible but instead grows tax free and tax free withdrawal at retirement.
2007-03-03 07:26:56 · answer #1 · answered by Geeeyaaa 4 · 0⤊ 0⤋
April 15 is the begining of the fiscal year for all IRAs. So when they say you can put only $5,000 into an IRA per year, you can put in $5,000 on April 14 and $5,000 on April 15 of the same calender year, but you would be putting the money in two different fiscal years as far as the people running the IRA and IRS are concerned.
2007-03-03 22:27:51 · answer #2 · answered by gregory_dittman 7 · 1⤊ 0⤋
The only reason would be so that you can take a deduction on your 2006 taxes. If you wait until after 4./15, you can't take the deduction until you do 2007 taxes.
2007-03-03 15:34:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋