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Old 09-04-2019, 10:37 PM   #1142
BBCWatcher
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Join Date: Jun 2010
Posts: 10,149
Gentle reminder to U.S. persons (only): the deadline for 2018 Individual Retirement Account (IRA) contributions is fast approaching. Any such contributions must be deposited no later than April 15, 2019. You don't have to make investment decisions right away, so don't worry about that.

You're eligible to make a U.S. IRA contribution if you have earned income that you are NOT excluding on your 2018 tax return via IRS Form 2555. If you have a legal spouse then you're often able to make IRA contributions for him/her, even if he/she doesn't ordinarily qualify (no earned income).

There are income limits to make certain types of IRA contributions. Nondeductible Traditional IRA contributions don't have income limits, and Traditional IRAs (including nondeductible ones) can be converted to Roth IRAs. Just be careful that you understand all the rules about IRA conversions.

The 2018 IRA contribution limit per person is US$5,500 (US$6,500 for someone who was age 50 or older at any time during 2018).

If you don't have an existing IRA then you really need to act quickly. If you have an existing relationship with practically any U.S. bank or U.S. brokerage you should be able to get an IRA opened quickly. If you don't have such a relationship, try contacting Schwab Singapore to see if they can help beat the deadline.
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