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Greetings, Syedali, and welcome. You wrote:

Is it ok to open, fund, and claim an IRA deduction now, for the year 2000 even though this is year 2001?

As I understand it, I can do all of the above before April 16th of this year. However, my (former) accountant tells me that I should have opened the account in 2000 in order to claim a deduction on the 2000 tax return, even though I could have funded it before April 16th 2001.


I agree with JAFO in that it's not hard to see why the person who gave you that less than accurate tax advice is now your former accountant.

For every tax-year in which you qualify to do so, you may make a contribution to a traditional or a Roth IRA until the day you must file your taxes for that year excluding any possible extensions for such filing. In most years, that date is April 15. This year it happens to be April 16 because the 15th is a non-business day. So, for tax-year 2000 you have until April 16 to make an IRA contribution, and that holds true even if you have already filed that return.

Regards..Pixy
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