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Post by moyet on Mar 28, 2011 20:54:09 GMT -5
Forgive the ignorance if this sounds like a dumb question. Can I make a contribution to a Roth IRA for year 2010 if I have already filed my 2010 tax return?
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Deleted
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Post by Deleted on Mar 28, 2011 21:02:21 GMT -5
Forgive the ignorance if this sounds like a dumb question. Can I make a contribution to a Roth IRA for year 2010 if I have already filed my 2010 tax return? Yes you can and have till April 15th to do so. Max is $5,000. |
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schildi
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Post by schildi on Mar 28, 2011 21:14:11 GMT -5
Yes, if you otherwise qualify ...
The Roth money does not really show up on your return anyway, it's not deductible.
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Deleted
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Post by Deleted on Mar 28, 2011 22:04:06 GMT -5
Yes, if you otherwise qualify ... The Roth money does not really show up on your return anyway, it's not deductible. Yep! The only time it would show up would be because you withdraw money that is more than your contribution + gains. I've used money from my Roth IRA in the past (moving from upstate to our current location) and as long as it was less than my contribution + gains I was in the clear. |
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schildi
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Post by schildi on Mar 28, 2011 22:06:09 GMT -5
cawiau, I think you are not allowed to withdraw gains, otherwise taxes & penalties would hit, no?
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Post by Deleted on Mar 28, 2011 22:09:30 GMT -5
cawiau, I think you are not allowed to withdraw gains, otherwise taxes & penalties would hit, no? Yep that is why all my withdrawal has been less than my contribution. You can withdraw up to your initial contribution withing triggering taxes and penalties. So basically our ROTH IRA has served as an added EF for us in the past. |
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