Comments on: Questions About Deadlines for Contributing to Previous Tax Year’s IRA http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/ An Adventure in Saving Money Tue, 09 Mar 2010 23:29:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Buy Viagra Online - How To Buy Viagra http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/comment-page-1/#comment-109050 Buy Viagra Online - How To Buy Viagra Thu, 04 Mar 2010 11:36:06 +0000 http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/#comment-109050 We observe, for instance, that a lot of people now engage more readily in walking as opposed to driving and the news media regularly inundate us with news of pay cuts and cut down of workforces by companies all across the country. We observe, for instance, that a lot of people now engage more readily in walking as opposed to driving and the news media regularly inundate us with news of pay cuts and cut down of workforces by companies all across the country.

]]> By: helpful http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/comment-page-1/#comment-207 helpful Mon, 26 Mar 2007 02:33:27 +0000 http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/#comment-207 Of course, I am not a professional so take all of this with a grain of salt. Line 32 of form 1040 is the only place I am aware of that an IRA contribution would even matter on a tax return. This relates to deductions for contributing to a traditional IRA. You contributed to a ROTH IRA and you would not qualify for any deduction anyway. I do not think your contribution would have made any difference to your return. If you are worried, have someone look it over. You can always amend the return later. I would also encourage you to keep good records regarding exactly how much you contribute to your ROTH. If you need to make a withdrawal, you want to be sure you can prove that there would be no penalties or taxes due. Of course, I am not a professional so take all of this with a grain of salt.

Line 32 of form 1040 is the only place I am aware of that an IRA contribution would even matter on a tax return. This relates to deductions for contributing to a traditional IRA. You contributed to a ROTH IRA and you would not qualify for any deduction anyway.

I do not think your contribution would have made any difference to your return. If you are worried, have someone look it over. You can always amend the return later.

I would also encourage you to keep good records regarding exactly how much you contribute to your ROTH. If you need to make a withdrawal, you want to be sure you can prove that there would be no penalties or taxes due.

]]> By: thc http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/comment-page-1/#comment-198 thc Sat, 24 Mar 2007 14:58:35 +0000 http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/#comment-198 This is taken directly from IRS Pub. 590: Contributions must be made by due date. Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions for 2006 must be made by April 17, 2007, and contributions for 2007 must be made by April 15, 2008. Note: It does't say a thing about when you actually file your return. (BTW--Thank's for the link!) This is taken directly from IRS Pub. 590:

Contributions must be made by due date. Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions for 2006 must be made by April 17, 2007, and contributions for 2007 must be made by April 15, 2008.

Note: It does’t say a thing about when you actually file your return.

(BTW–Thank’s for the link!)

]]> By: thc http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/comment-page-1/#comment-197 thc Sat, 24 Mar 2007 14:33:13 +0000 http://budgetfreak.com/2007/03/23/questions-about-deadlines-for-contributing-to-previous-tax-years-ira/#comment-197 BudgetFreak: It's pretty darn confusing and there's a lot of conflicting information out there. The truth is that you do have until filing deadline (not including extensions) to make IRA contributions. Just be sure that your contribution matches what you put on your return. I am a Certified Financial Planner(TM) and I make my living giving this kind of advice. BudgetFreak: It’s pretty darn confusing and there’s a lot of conflicting information out there. The truth is that you do have until filing deadline (not including extensions) to make IRA contributions. Just be sure that your contribution matches what you put on your return. I am a Certified Financial Planner(TM) and I make my living giving this kind of advice.

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