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Contributions to Roth for 2014
Posted on 2/2/15 at 9:43 am
Posted on 2/2/15 at 9:43 am
I have a substantial windfall coming my way in about 2 weeks. I started a Roth last week for myself and my wife. I know the rules states you have until 4/15 to contribute to the previous year but since the account was created in 2015 does that apply? Thanks.
Posted on 2/2/15 at 10:35 am to lsufan1971
You can still contribute to 2014
This post was edited on 2/2/15 at 10:36 am
Posted on 2/2/15 at 10:36 am to lsufan1971
Pretty sure that doesn't matter.
I started mine in early 2011 and contributed to 2010 still.
I started mine in early 2011 and contributed to 2010 still.
Posted on 2/4/15 at 8:00 pm to lsufan1971
Yes, no problem - doesn't matter when it was opened.
You have until April 15th 2015 to claim it against your 2014 taxes, limited to $5,500 total per year or if you are 50 or older, $6,500.
You have until April 15th 2015 to claim it against your 2014 taxes, limited to $5,500 total per year or if you are 50 or older, $6,500.
Posted on 2/5/15 at 12:23 pm to madchef
To expand on the original topic, what if anything do you have to do when contributing to the Roth in 2015 during the purchase to use it towards 2014? Besides claiming it on your 2014 tax returns, is there anything special you need to do on your tax forms?
Posted on 2/5/15 at 5:37 pm to TIGERSby10
quote:
To expand on the original topic, what if anything do you have to do when contributing to the Roth in 2015 during the purchase to use it towards 2014? Besides claiming it on your 2014 tax returns, is there anything special you need to do on your tax forms?
Not sure what you're asking, but when I contribute to my ROTH between January and April with Vanguard, the set up is a little different. When I get to the BUY screen, I get two boxes, one telling me how much I can contribute for 2014, the other what I can for 2015 with the blank below. I put in the number the 2014 box and that's that.
Come May or what not the 2014 Box will all be gone.
Another FYI. I have a small amount that goes directly to my ROTH. When the year switches, this "direct deposit" into my ROTH counts towards 2015 automatically, so usually by the time 2014 contributions are done in April, I'll already have a 1,000 or so towards 2015.
I don't really "claim" any thing on my taxes. There is nothing to claim or forms to fill out, at least for me, since this money has already been taxed, unless you take a disbursement and/or need to file a disbursement exemption like first home purchase.
This post was edited on 2/5/15 at 5:42 pm
Posted on 2/5/15 at 5:41 pm to Teddy Ruxpin
Don't think there is anything special you have to do when you buy something in your ROTH. Pretty sure you just have to note it (Fidelity asks which year you want to contribute to) when you deposit funds.
Posted on 2/5/15 at 5:42 pm to yellowhammer2098
quote:
Don't think there is anything special you have to do when you buy something in your ROTH. Pretty sure you just have to note it (Fidelity asks which year you want to contribute to) when you deposit funds.
Yup that's it. Its so simple it does lead one to think there must be more to it, but there isn't.
Posted on 2/5/15 at 10:54 pm to Teddy Ruxpin
Thanks for all of the replies. One more question. Once I max out the Roth for myself and the wife I will have around 60K I need to invest in taxable accounts. I was thinking about a combo of ibonds, Vanguard VTSMX,VBFMX and VGTSX. I like the three fund approach. Will do 50% stock, 30% bonds and 20 inrtnational. BTW I am 43 have a very stable job and my tax rate is 25%. I am maxing out 529 plans for kids this year to get the LA Start credit.
This post was edited on 2/5/15 at 10:57 pm
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