Money Matters
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2014 IRA Contribution Question

Okay, am I understanding correctly that the last date to contribute to a 2014 Roth IRA would be April 15th?  Am I also understanding correctly that the account had to be opened by December 31st, 2014 in order to contribute to the 2014 year?  I have a Roth that I contributed $2k to last year, but my H does not have one at all.  We were hoping that we could contribute to 2014 and 2015 with the life insurance money (if we receive it by April 15th), and max 2 Roth's out for both of us.  But am I understanding correctly that we would not be able to do that for my husband since he did not have one open already?

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Re: 2014 IRA Contribution Question

  • You might want to call your financial institution and ask.  I am seeing articles that say you can do it and articles saying you can't.  Nothing from the IRS immediately pops up to answer this.  I don't know from experience because my parents opened mine when I was a kid.

    Your financial institution will absolutely know the answer to this question.  Please report back!




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  • I asked this in a tax class and was told you could open an IRA in 2015 and still make the contribution for 2014. But I would ask the financial institution to be sure.
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