Jack from Ohio Posted March 18, 2014 Report Share Posted March 18, 2014 Discussion among my co-workers and a client. She wants to contribute to a traditional IRA for 2013. She does not yet have the IRA established. I know the deadline for contribution for credit to 2013 is Apr. 15. Question is: Can she establish the IRA now and still credit the contribution for 2013 or does the IRA have to be established by Dec. 31, 2013? Any thoughts? I cannot find any clear definition of the answer to this question. Only lots of info about deadlines. Most here have the thought that the account must already be established. Does anyone have any cites or regs to refer to? Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 18, 2014 Report Share Posted March 18, 2014 I think only employer plans have a deadline the prior year. http://www.irs.gov/publications/p590/ch01.html#en_US_2013_publink1000230424 Quote Link to comment Share on other sites More sharing options...
Hillenburg Posted March 18, 2014 Report Share Posted March 18, 2014 Pub 590 Page 8. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 18, 2014 Author Report Share Posted March 18, 2014 Pub 590 Page 8. Doesn't address my question. I have searched Pub 590 stem to stern. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 18, 2014 Report Share Posted March 18, 2014 Yes, she can open/establish the traditional IRA and contribute to it in the current year and deduct on the 2013 return, provided she does it by Apr 15. 4 Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 18, 2014 Report Share Posted March 18, 2014 Pub. 590, page 8 When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. However, the time for making contributions for any year is limited 1 Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 18, 2014 Report Share Posted March 18, 2014 Also see The Tax Book, Page 13-9.(I'm sure QuickFinder has a similar page reference) Quote Link to comment Share on other sites More sharing options...
Hillenburg Posted March 18, 2014 Report Share Posted March 18, 2014 Stem to stern ? Quote Link to comment Share on other sites More sharing options...
B. Jani Posted March 18, 2014 Report Share Posted March 18, 2014 you have until April 15 to open a traditional IRA and make contribution to it. Make sure company or bank she open the account should receive the contribution on time. Hope this helps. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 18, 2014 Report Share Posted March 18, 2014 Stem to stern ? Without looking it up, I'm guessing it has a nautical origin. The stern is the rear of the boat. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 18, 2014 Author Report Share Posted March 18, 2014 (from) stem to stern completely - We overhauled the car from stem to stern. Related vocabulary: from top to bottom Etymology: based on the literal meaning of from the stem to the stern ( from the front end to the back end of a ship) 1 Quote Link to comment Share on other sites More sharing options...
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