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You said:

Also, could anyone please briefly what the deal is about April 15, 2001, and how it is a chance of a lifetime to open an IRA before that date? Is it the deadline to begin a 3000.00 max contribution period?

I suppose you meant April 15, 2002, rather than 2001, which is long gone (Time flies!). April 15, 2002, of course, is the deadline to file your taxes without any extensions. It is also the date by which you must fund your IRA for the previous year. Thus, for the 2001 tax year, you may contribute up to $2000 to your IRA, and you must make those contributions by April 15, 2002.

For this year (2002 tax year), the IRA contribution limits have been increased to $3000. You have until April 15, 2003 to make all your contributions for tax year 2002. Make sense? It works this same way every year.

This link should help answer a lot of your questions:

Good luck.

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