Setup an IRA conitrbution

[Questionguy101]

I am sure if a taxpayer files an extension, the deadline to make contribution to his IRA will be extended to 10-15-2011 too.

What about setting up the IRA account? I remember some years before that an taxpayer had to have the IRA account set up already before 4-15 even if he files an extension. But I read Pub 17 this morning and I did not find this requirement anymore. Has there been a change in this requirement? Just want to make sure. Thanks!

[WhiteOleander]

This is incorrect. The IRA must be established and funded by April !8th this year. A SEP-IRA can be funded up to October 15th if an extension is filed.

[Questionguy101]

This is incorrect. The IRA must be established and funded by April !8th this year. A SEP-IRA can be funded up to October 15th if an extension is filed.

Yes, I've just read it again. You are right. THANK YOU!

[Questionguy101]

This is incorrect. The IRA must be established and funded by April !8th this year. A SEP-IRA can be funded up to October 15th if an extension is filed.

May I ask you one more question. I just talked to someone with the broker company. First he said the IRA account has to be established by 4/15 and contribution has to be made by 4/18. Later, he changed his opinion and said the due date for both establishing the account and making the contribution is also 4/18. Is he right?

[WhiteOleander]

I do believe that the account can be set up on the 18th also. Some people don't decide to do an IRA until the last minute. So, they could open and fund on the same day.