Fund Roth IRA for 2006?

[snoopdoug1]

I don't have an IRA yet, but was thinking about signing up for one with vangaurd(seems to be a decent no/low fee one). If I opened it now, could I also put money in for the 2006 year? If so, how long would i have to do that?

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Please use the Tax thread

Anandtech Moderator

 

[vi edit]

You can fund 2006(make sure you designate it as such!) IRA's until the tax deadline on April 15th. You also have to do this prior to filing for your 2006 taxes.

 

[snoopdoug1]

Originally posted by: vi_edit
You can fund 2006(make sure you designate it as such!) IRA's until the tax deadline on April 15th. You also have to do this prior to filing for your 2006 taxes.

Thanks! Sorry if this is a dumb question, but how does it change your taxes? I've already paid taxes on the money that I will fund the IRA with. Tax noob here.

 

[EagleKeeper]

For the Roth IRA, it will not change your taxes for 2006.

If it is a simple IRA, then you should file an ammended return for 2006.