Roth IRA Tax Question

by Kevin on February 1, 2008

This has been quite the busy week in our house. This past weekend I went on a road trip to Memphis with 4 of my best friends from college. Rendezvous ribs, Graceland, and a few nice pubs. And to top it off, I didn’t go into debt to do it. I had enough spending money set aside to pay for the whole gig. I also had a test in my MBA class last night, so the rest of the week was spent studying. Work has been hectic, and not allowed for a lot of writing.

So I have a question for anyone out there. I’ve posted it on the Get Rich Slowly forums, too.

The question:

We are planning on setting up our Roth IRA either this month or next. We should have the $3,000 required for investment with Vanguard. We are setting up the IRA for 2007, so we can maximize what we can contribute this year (2008).

Can I file my taxes, or should I fund the Roth IRA first before filing? That is, does filing my taxes officially close my ability to fund the Roth for 2007?

Any help would be greatly appreciated! Have a great Friday.

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