Is it too late to open IRA in 2017 and transfer $5500?

[Memfis]

Hello,
First of all I want to say THANK you guys for such an  amazing community and knowledge. I just found out this forum and I was reading all info for days. You just opened my eyes)
First thing which I'm planning to do right now: open Roth IRA at Vinguard Total Stock Market Index Fund. As I understood, I can contribute $5500 per year.
The question is:
Should I open it immediately and transfer $5500 from checking account? I don't want to lose this 2007 year opportunity and want to be able to add $5500 again in 2018?
Thank you

[poko]

Good news is you can contribute to your 2017 IRA until April 15th (tax day) of next year!

[Memfis]

Thank you Poko for such a fast response! Now I feel much better)

[poko]

oh lol tax day is actually on the 17th this year! Two extra days ;)

If you have the cash now though, go for it!

[ditheca]

If you are married, you can also contribute $5500 to your spouse's IRA, even if he/she has no income.

[Miss Piggy]

Even though you can contribute to a 2017 IRA until April 2018, it is very likely that you must open the account by December 31, 2017...so within the next couple of weeks. Yes, open it immediately. Don't wait; it can take some time to complete all of the paperwork, etc.

[josh4trunks]

Even though you can contribute to a 2017 IRA until April 2018, it is very likely that you must open the account by December 31, 2017...so within the next couple of weeks. Yes, open it immediately. Don't wait; it can take some time to complete all of the paperwork, etc.

you don't need to open the account now. you can wait till you contribute, I've opened and contributed to an IRA account with both chase and vanguard in April before and been fine.

[Miss Piggy]

Even though you can contribute to a 2017 IRA until April 2018, it is very likely that you must open the account by December 31, 2017...so within the next couple of weeks. Yes, open it immediately. Don't wait; it can take some time to complete all of the paperwork, etc.

you don't need to open the account now. you can wait till you contribute, I've opened and contributed to an IRA account with both chase and vanguard in April before and been fine.

Yes. I stand corrected. I must have been remembering when I had to open my solo 401k a few years ago.

[h82goslw]

If you are married, you can also contribute $5500 to your spouse's IRA, even if he/she has no income.

I thought one needed to have earned income in order to contribute to a Roth. So if spouse doesn’t work the nonworking partner would still be able to contribute?

[Travis]

If you are married, you can also contribute $5500 to your spouse's IRA, even if he/she has no income.

I thought one needed to have earned income in order to contribute to a Roth. So if spouse doesn’t work the nonworking partner would still be able to contribute?

Yep. I didn't learn about that untapped resource until just a few years ago (over a decade into our marriage).

[frugalnacho]

If you are married, you can also contribute $5500 to your spouse's IRA, even if he/she has no income.

I thought one needed to have earned income in order to contribute to a Roth. So if spouse doesn’t work the nonworking partner would still be able to contribute?

Correct.  If you are married you consider income jointly.

If you earned $11k and your spouse earned $0 you can each contribute $5.5k to an IRA. 

My wife doesn't work and it's a great help for me to be able to use $18k in 401k, and $11k total in our IRA accounts.