Hello all,
I'm a fairly new 21 year old Mustachian, and I filed my own tax return for the first time this year, so please bear with me if I sound a little clueless.
I already filed my federal and NY state taxes and received both refunds last week. At the time I didn't have the good sense to contribute to an IRA to reduce my taxable income, but I've realized I probably should have, especially because I was only working from September onwards and my total taxable income would have dropped to less than $8000 last year if I had contributed the $5500 maximum.
My question is, if I want to open a traditional IRA now and contribute the maximum for 2014, am I still able to do that? Do I just file an amended return? Is there anything else I need to do besides that?
Thank you in advance!