Last minute self employed IRA for 2022?

April 18, 2023 10:21 AM

I want to set up an IRA account (for the first time ever) and contribute for 2022. I realize today is the last day to do so. I tried with Aspiration and with my credit union and it seems like both are too late. Is it still possible to do so online today? If so, where could I apply through? Bonus points for socially and ecologically responsible investing and for simplicity and ease but I realize this is last minute and so I'll take what I can get.
posted by overglow to Work & Money (7 answers total)

Best answer: I have created IRA accounts on Fidelity.com and it has been quick and painless. You can invest in ESG funds through them. I don't know about this specific issue, but with some tax deadlines, so long as you put a check in the mail on the due date, you are good, so I would not give up!
posted by Mid at 10:51 AM on April 18, 2023

When I set up an IRA with Schwab a few years back, I was able to do the whole thing online and I remember it being pretty fast. I think the account was opened the same day, but I'm not 100% sure. Now, whether you can actually transfer money into that new account before the end of the day is another question, but I guess you don't have much to lose by trying.

Bear in mind that once your funds have been contributed to an IRA, you can later reallocate your investments or even roll over to a different IRA custodian with no tax penalty. So you don't have to worry too much about being locked into a particular set of investments.
posted by teraflop at 10:53 AM on April 18, 2023

You can file an extension. Then you have until October.
posted by creiszhanson at 12:20 PM on April 18, 2023

File an extension, I do this every year. I believe this only extends the IRA deadline if it's a SEP-IRA and not a regular one, but I assume that's what you meant.

Also I'm pretty sure you can do this entirely online with Fidelity.
posted by bradbane at 12:22 PM on April 18, 2023

You can file an extension. Then you have until October.

You can file an extension of filing your tax return, but 2022 IRA contributions are due today, April 18th, 2023.
https://www.irs.gov/retirement-plans/ira-year-end-reminders

(it's true that there are rules for SEP-IRA, though I was assuming that's not what's going on here.. on second thought bradbane might be right though?)
posted by Nonsteroidal Anti-Inflammatory Drug at 12:36 PM on April 18, 2023 [3 favorites]

And also remember, if you owe money on your taxes, filing an extension does not grant you an extension of time to pay, only to file the paperwork. You'll still owe the government that money today, the 18th.
posted by pdb at 2:28 PM on April 18, 2023

Response by poster: Thanks, y'all! I was able to set up an account with Fidelity and make a deposit using their mobile check deposit feature.
posted by overglow at 2:35 PM on April 18, 2023