hi,
my son, 20, has started a roth ira with schwab. he earned most of the money that he has in savings in 2021. can any of his earned income from 2021 be now invested (in september of 2022) in a roth? or did he miss the deadline? thanks for help!
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The prior year deadline is always Tax Day April 15 of the next year. He missed.
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thanks for confirming!
If he married someone with 2022 income he can do a Spousal Roth IRA for that amount of income even if he didn’t work in 2022!
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Also tell him to save the Form 5498 each year, showing any IRA/Roth contributions, rollovers, etc. That information might be needed in the future, when withdrawals are done, depending on the state’s tax rules. Schwab probably has them available for download around the time taxes are done.
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