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07/25/2011

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Kim

So if I filed an extension for 2010 taxes, I can still open an IRA and contribute $5000 this year by October 15, 2011 and then contribute another $5000 when I do the 2011 taxes in April 2012?

Tom Copeland

Yes!

Kim

That's great news! Thanks!

Michelle

My husband has his own 401k through his employer, and I want to set up an $5000 IRA for my self to save on taxes this year, how do I claim this? Under my business schedule C or on form 1040 or both?

Tom Copeland

Setting up an IRA is not a business expense, so it doesn't show up on Schedule C. If you set up a tax deductible IRA it will show up on Form 1040, line 32. If you set up a Roth IRA (non deductible), it won't show up on Form 1040.

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