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cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

If so, how can I do this now?

1 Best answer

Accepted Solutions
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Amend your return to reflect the IRA contribution and make the contribution before April 18.

View solution in original post

11 Replies
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Amend your return to reflect the IRA contribution and make the contribution before April 18.

View solution in original post

cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Going through my deluxe turbotax I saw there was an option to open an IRA, but I missed it.  Can I go back and opt in?
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

TurboTax doesn't actually open an IRA for you .  That is done by a financial institution like a bank or brokerage.  TurboTax merely records the fact that you will be contributing to an IRA and calculates the associated tax benefits.
cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Is there a recommended bank or brokerage I should reach out to have an IRA opened?  Or is there a place I can learn more about it?
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

It would not be appropriate for us to make a specific recommendation but your local bank or any brokerage can do this.  Google IRA and you will get a lot of information.  A trusted friend might be able to make a recommendation.
cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Thanks for the input.  Where in my tax return can I make an amendment for IRA contribution?
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Federal>Deductions>explore myself>Retirement and Investments>IRA contributions
cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

Thanks.  I created an account on TD Ameritrade, but I'm not receiving a 1099 to get the Document ID to submit to TurboTax yet.  Is there an amount I'm supposed to transfer into my TD Ameritrade account first?  Or am I supposed to wait X business days before I have the necessary Document ID?
VolvoGirl
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

You don't get a 1099 when making a new contribution.  You have to deposit the amount into the IRA account.  Don't you know how much you are going to contribute?  The max is  5,500 (6,500 if over 65) or up to your earned income W2 wages.
<a rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Li...>
cchen724
New Member

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

The Turbotax process is asking me to submit an account number and a Document ID of my TD Ameritrade account, and for the Document ID it says I can find it on the 1099.  I'm just trying to figure this out
Bsch4477
Level 15

Can I still contribute to an IRA to get an increased return if I've already submitted my Tax Returns?

You may be in the IRA distribution section and you need to be in the IRA contribution area.
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