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Fellow Fools,
I am in need of advice. I'm in the process of opening a Roth IRA. I know that a Traditional IRA allows contributions for the previous year, up until April 15. Does anyone know whether the same is true for a Roth IRA? That is, can I still make a 1998 contribution to a Roth IRA up until 4/15/99, or am I stuck making a 1999 contribution at this point? Your advice will be greatly appreciated.
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Greetings, Bvernot, and welcome. You asked:
<<I am in need of advice. I'm in the process of opening a Roth IRA. I know that a Traditional IRA allows contributions for the previous year, up until April 15. Does anyone know whether the same is true for a Roth IRA? That is, can I still make a 1998 contribution to a Roth IRA up until 4/15/99, or am I stuck making a 1999 contribution at this point? Your advice will be greatly appreciated.>>
Just like the traditional IRA, you have until 4/15/99 to make a Roth IRA contribution for tax-year 1998.
Regards….Pixy
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That is, can I still make a 1998 contribution to a Roth IRA up until 4/15/99, or am I stuck making a 1999 contribution at this point?
The same rules apply to either a traditional IRA or a Roth IRA. You have until April 15, 1999 to make contributions for 1998.
Joel
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Pixy wrote: Just like the traditional IRA, you have until 4/15/99 to make a Roth IRA contribution for tax-year 1998.
Thanks Pixy! Can you tell me whether same applies to educational IRA?
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Bvernot asks:
<<Pixy wrote: Just like the traditional IRA, you have until 4/15/99 to make a Roth IRA contribution for tax-year 1998.
Thanks Pixy! Can you tell me whether same applies to educational IRA?>>
No, they cannot. Contributions to an EIRA are based on the calendar year in which they are made. Thus, anything deposited in 1999 will be considered as being deposited in the 1999 tax-year.
Regards….Pixy
