No. of Recommendations: 0
<<<My guess is that if you defer filing your 1997 taxes until April 15,
1998, that you could do it. But I am NOT a tax consultant, just someone who loses his temper reating IRS PUB 590 or whatever it is. And some of the others, too. 8-( >>

Man, I'm glad you don't do my taxes. :-) Just because you delay filing your 1997 taxes to April 15, 1998 doesn't change the fact that an IRA deposit shown on that return must comply with the rules in effect during 1997. A Roth IRA CANNOT be established for the 1997 tax year. If you don't believe me, try it and see what happens. But I really don't think you would like to do that. :-) >

As I said, "I am NOT a tax consultant". I have never contributed late to an IRA, so I never studied this. I am sure you are right. You might have done all-right if I were to do your taxes:

1.) I would have looked up anything I was not sure of. If I could not figure it out from, in this case IRS PUB 590 (I guess it is), I would have called the IRS three times and taken the answer I liked best, or e-mailed them three times and picked the answer I liked best.
2.) I would have used TurboTax on your Quicken file and see what it came up with.
3.) We should both have posted a question, in time, to the "Tax Strategies" board and gotten a more authoritative answer.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.