Comments on: Max That Roth! (Yet Again) http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 15:56:49 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: CPA1298 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71471 CPA1298 Sun, 15 Apr 2007 15:38:12 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71471 MM - you can contribute to a Roth if you had earned income. 'Earned income' only means income from a job. If you earned $2,000, you are eligible for a $2,000 Roth contribution. The maximum Roth contribution is $4,000 (at your age). MM – you can contribute to a Roth if you had earned income. ‘Earned income’ only means income from a job. If you earned $2,000, you are eligible for a $2,000 Roth contribution. The maximum Roth contribution is $4,000 (at your age).

]]> By: MM http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71435 MM Sun, 15 Apr 2007 07:04:07 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71435 I am a college student and this past year I didnt work much, but I still saved a bit of money, am I able to contribute to a Roth? I am a college student and this past year I didnt work much, but I still saved a bit of money, am I able to contribute to a Roth?

]]> By: CPA1298 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71399 CPA1298 Sat, 14 Apr 2007 17:51:19 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71399 Regarding Bags - you don't need to file anything on your taxes to indicate that you've made a Roth contribution. Also, you can amend your returns (for other reasons) for up to three years after the filing deadline. Regarding Bags – you don’t need to file anything on your taxes to indicate that you’ve made a Roth contribution. Also, you can amend your returns (for other reasons) for up to three years after the filing deadline.

]]> By: Tinyhands http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71305 Tinyhands Fri, 13 Apr 2007 18:00:32 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71305 The important thing is that the contribution is made before the deadline AND that the custodian recognize that it is for 2006. The important thing is that the contribution is made before the deadline AND that the custodian recognize that it is for 2006.

]]> By: jpsfranks http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71270 jpsfranks Fri, 13 Apr 2007 03:15:40 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71270 Roth IRA contributions are not reported and do not affect your tax return, so there is no problem contributing after you have already filed and no amendment is necessary. Conversions, recharacterizations, and distributions all have tax consequences, however. Roth IRA contributions are not reported and do not affect your tax return, so there is no problem contributing after you have already filed and no amendment is necessary.

Conversions, recharacterizations, and distributions all have tax consequences, however.

]]> By: nickel http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71210 nickel Thu, 12 Apr 2007 15:00:26 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71210 Bags, that's an excellent question, and I'm not entirely sure of the answer. Since Roth contributions aren't deductible, it won't change your bottom line, but I seem to recall that you still report your contributions for record-keeping purposes. Even if you have to amend your return, I don't think it has to be done by Tuesday (but the Roth contribution does have to be done by then), but I might be wrong. Bags, that’s an excellent question, and I’m not entirely sure of the answer. Since Roth contributions aren’t deductible, it won’t change your bottom line, but I seem to recall that you still report your contributions for record-keeping purposes.

Even if you have to amend your return, I don’t think it has to be done by Tuesday (but the Roth contribution does have to be done by then), but I might be wrong.

]]> By: Bags http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71209 Bags Thu, 12 Apr 2007 14:49:11 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71209 I feel like I should contribute for 2006 considering I can come up with the money, but let me ask a question. If I do this now I would have to make an amendment to my taxes considering I already submitted them, right? I feel like I should contribute for 2006 considering I can come up with the money, but let me ask a question. If I do this now I would have to make an amendment to my taxes considering I already submitted them, right?

]]> By: Blaine Moore http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71201 Blaine Moore Thu, 12 Apr 2007 13:46:46 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71201 I maxed my roth last year, but my wife isn't interested right now. She wants to leave the money in our emergency fund. Oh well. I plan on maxing my roth going forward. I maxed my roth last year, but my wife isn’t interested right now. She wants to leave the money in our emergency fund.

Oh well. I plan on maxing my roth going forward.

]]> By: limeade http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/comment-page-1/#comment-71193 limeade Thu, 12 Apr 2007 12:04:33 +0000 http://www.fivecentnickel.com/2007/04/12/max-that-roth-yet-again/#comment-71193 This is one of my favorite aspects of the Roth. As I wrote about <a href="http://fiscalmusings.blogspot.com/2007/03/best-of-roth-ira.html" rel="nofollow">here</a>, once I have enough in the roth I can see myself pulling money out to put down on a rental property. It's nice to leave your options open. -limeade This is one of my favorite aspects of the Roth. As I wrote about here, once I have enough in the roth I can see myself pulling money out to put down on a rental property.

It’s nice to leave your options open.

-limeade

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