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nadina11
New Member

While filing my taxes online says if you apply for IRA account today you can get a tax break, link was to mint.com. I clicked on linked and signed up now what happens?

If I open an IRA account this will help me to get a higher return this year correct not for next year? I am working with Fidelity to open an IRA account since the people at mint said they are not an IRA company, they help you to budget your money and save.

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Opus 17
Level 15

While filing my taxes online says if you apply for IRA account today you can get a tax break, link was to mint.com. I clicked on linked and signed up now what happens?

If you deposit money in a traditional IRA before April 15, 2018, you can count it as a contribution either for 2017 or 2018.  Any amounts deposited after April 15 only count as 2018 contributions.

If you make contributions that are counted toward 2017, and if you are otherwise eligible to make deductible contributions, then you take a tax deduction for the amount and it will decrease your tax owed or increase your refund.

It will also lock up your funds until you retire, so it's not exactly a free transaction.  If you are saving money anyway, it may make sense to put it in an IRA, but if you might need the money in 5 years for a car or a house, you need to realize that putting into an IRA mostly makes it untouchable until you retire.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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2 Replies
Opus 17
Level 15

While filing my taxes online says if you apply for IRA account today you can get a tax break, link was to mint.com. I clicked on linked and signed up now what happens?

If you deposit money in a traditional IRA before April 15, 2018, you can count it as a contribution either for 2017 or 2018.  Any amounts deposited after April 15 only count as 2018 contributions.

If you make contributions that are counted toward 2017, and if you are otherwise eligible to make deductible contributions, then you take a tax deduction for the amount and it will decrease your tax owed or increase your refund.

It will also lock up your funds until you retire, so it's not exactly a free transaction.  If you are saving money anyway, it may make sense to put it in an IRA, but if you might need the money in 5 years for a car or a house, you need to realize that putting into an IRA mostly makes it untouchable until you retire.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
nadina11
New Member

While filing my taxes online says if you apply for IRA account today you can get a tax break, link was to mint.com. I clicked on linked and signed up now what happens?

Thank you very much for your help. Just one more thing so once I open an IRA account will there be a form sent to me so I can submit the information into my tax return this year!
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