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I don't have a 401K account, but am considering opening an IRA account to save some taxes.

How long the time window is available for me to have the IRA account?

Also in my understanding in the later phase, can I do 401K catch up by depositing more money for the missed time frame.

  • Are you asking what's the latest date that you can contribute to an IRA and have it reduce your 2019 Federal taxes? – RonJohn Dec 23 '19 at 18:15
  • @RonJohn , Yes please. I might have worded incorrectly. That is exactly i am looking for. – goofyui Dec 23 '19 at 18:16
  • And what is this "latter phase" you refer to? There's a 401(k) catchup, but only for people age 50+. – RonJohn Dec 23 '19 at 18:16
  • Later phase is to deposit more than the limit for a year. I believe 401K allow us to do catch up for the time window which is missed to have the complete investment – goofyui Dec 23 '19 at 18:18
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    "I believe 401K allow us to do catch up for the time window which is missed to have the complete investment". That's IRA. – RonJohn Dec 23 '19 at 18:19
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https://www.irs.gov/retirement-plans/ira-year-end-reminders

You can make 2019 IRA contributions until April 15, 2020.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$6,000 ($7,000 if you're age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.

For 2019, the limits are the same as 2020.

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