| IRA funding and 2005 tax year |
|
|
|
|
|
bestcoast
Member
Cash: $ 3.85
Posts: 18
Joined: 27 Dec 2005
|
| IRA funding and 2005 tax year |
 |
|
I know that April 17 is the last day to put money into an IRA account for the 2005 tax year, but I'm wondering what this has to do with my taxes? Do I have to note this on my tax return? Can I write this money off?
I'm not quite sure how the money I put into my Roth IRA affects my tax return. Any help would be appreciated. Thanks!
|
Wed Mar 29, 2006 6:16 am |
|
|
bestcoast
Member
Cash: $ 3.85
Posts: 18
Joined: 27 Dec 2005
|
But for a Roth IRA there is no significance on tax return -- just a deadline to get the 4000 in for the qualifying year?
|
|
Wed Mar 29, 2006 4:32 pm |
|
|
efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
|
Unless opening an IRA CD at a local bank or deposit to a broker or other trustee with a local office, I imagine that you need to make arrangements for the 2005 IRA contribution to actually be credited to your account by April 17 (or regular April due date for other years). If late, it would not be allowed.
If your W-2 indicates you are covered by a qualified retirement plan (like 401k) whether you contribute to it or not, the rules are different for traditional IRA than if NOT covered by a retirement plan. See http://www.irs.gov/pub/irs-pdf/p590.pdf
For a Roth IRA contribution, there is no deduction and no tax return entry (withdrawl or distribution needs to be properly reported).
|
|
Thu Mar 30, 2006 1:01 am |
|
|
MattL
Senior Member
Cash: $ 46.85
Posts: 234
Joined: 25 Jun 2005
|
I would get it in before April 15 just to make sure there is no confusion, as that is the normal cut off date even though this year we have until the 17th to file.
Debt Elimination
|
|
Sat Apr 01, 2006 2:30 pm |
|
|
|
