Roth IRA Question

[thunderb4ll]

I am considering opening a Roth IRA account through Vanguard...

Do I need to open the Roth IRA account AND make the contribution before 2009 in order to contribute the maximum for 2008 to the account?

I seem to remember reading that one can contribute the maximum for the previous year as long as the contribution is made before April 15th of the current year. Is this correct?

Basically, I need to know if I need to "get moving" and get the account opened before the end of the year and make the contribution.

Thanks!

[maat55]

Your correct, you have until april 15 of 2009 for your 2008 contribution. I would open it no later than a week before.

[thunderb4ll]

Thank you, maat55!

[MaxPowers]

I opened mine last year in January. It will give you a choice of what year you want. (2008 or 2009)

Darn, just thought that because I want to start a new fund, (I have everything in Vanguard S&P 500), I will have to frontload my IRA $3000. I want to start up the target retirement.