Hi, My company does not offer a retirement plan. Can I open an IRA today, max it out & claim it on last years taxes since the deadline to contribute it April 17, 2018?

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Hi, My company does not offer a retirement plan. Can I open an IRA today, max it out & claim it on last years taxes since the deadline to contribute it April 17, 2018?

Make sure the bank denotes your IRA contribution as tax year 2017 and NOT 2018.

Hi, My company does not offer a retirement plan. Can I open an IRA today, max it out & claim it on last years taxes since the deadline to contribute it April 17, 2018?

Good advice!

Hi, My company does not offer a retirement plan. Can I open an IRA today, max it out & claim it on last years taxes since the deadline to contribute it April 17, 2018?

Yes you can contribute to a Traditional or Roth IRA and enter your contributions on the 2017 tax return if the amount contributed is on or before April 17, 2018. Note that only contributions to a Traditional IRA are eligible for a tax deduction on your tax return. Roth IRA contributions are not deductible.

Go to this IRS website for IRA contribution FAQ's - https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions

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