I do not have an existing IRA if I open one today 03/ 09/2019 will I be able to deduct the $ amount from my 2018 taxes?

suzukitm250 — Thu, 06 Jun 2019 06:14:08 GMT

Yes, you can as long as it is by April 15th.

Cindy0H — Thu, 06 Jun 2019 06:14:10 GMT

Yes, you can as long as it is by April 15th.

Maybe - Only Traditional IRA contributions are deductible...

macuser_22 — Thu, 06 Jun 2019 06:14:11 GMT

Maybe - Only Traditional IRA contributions are deductible, not Roth IRAs.

If you are covered by a retirement plan at work, the amount of deduction might phase out depending on the amount of your MAGI.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  -  $5,500 ($6,500 if you’re age 50 or older), or
  - your taxable compensation for the year, if your compensation was less than this dollar limit.

     (Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).

See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.

<a rel="nofollow" target="_blank" href="https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits">https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits</a>

topic I do not have an existing IRA if I open one today 03/ 09/2019 will I be able to deduct the $ amount from my 2018 taxes? in Retirement tax questions

I do not have an existing IRA if I open one today 03/ 09/2019 will I be able to deduct the $ amount from my 2018 taxes?

Yes, you can as long as it is by April 15th.

Maybe - Only Traditional IRA contributions are deductible...