Ask The Expert: Contributions

Asked by Jimmy han 1/11/13

Can you set up a Roth IRA in 2013 to enable contributions for 2012?

Matthew Malone A:
Answered by Matthew Malone 1/11/13
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Unfortunately, no. The account must have been opened by the end of the calendar year in which you want to make the contribution (in this case, by Dec.31, 2012). If opened by the end of the calendar year, you would have until the tax filing deadline for that year to make a contribution.