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

[cchen724]

If so, how can I do this now?

[Bsch4477 · Accepted solution]

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

[cchen724]

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]

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]

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]

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]

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

[Bsch4477]

Federal>Deductions>explore myself>Retirement and Investments>IRA contributions

[cchen724]

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]

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]

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]

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