- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Contributing to Roth IRA for 2014 after already completing taxes for 2014
Posted on 3/2/15 at 8:47 am
Posted on 3/2/15 at 8:47 am
So I've done my 2014 taxes already. Even got a small refund from the fed. I also recently got a bonus and didn't quite max out my Roth for 2014. I want to put that money in my Roth, preferable for 2014 so I have more flexibility with 2015.
I know I have until april to contribute, but how will this work tax-wise? Do I just wait for my 2015 filing? Or do I have to do something this year?
I know I have until april to contribute, but how will this work tax-wise? Do I just wait for my 2015 filing? Or do I have to do something this year?
6
Posted on 3/2/15 at 9:02 am to ell_13
It really doesn't have anything to do with taxes. Unless your income level qualifies you for the retirement savings credit. Roth contributions have no tax implications.
ETA- So basically contribute whenever you want, you don't need to wait for anything else.
ETA- So basically contribute whenever you want, you don't need to wait for anything else.
This post was edited on 3/2/15 at 9:03 am
Posted on 3/2/15 at 9:05 am to ell_13
As long as it's a Roth you should be good to go.
Posted on 3/2/15 at 9:20 am to ell_13
Remember, Roth contributions are after tax.
Contributing to it doesn't change tax liability.
No different really from a tax perspective between putting money in a Roth and buying a shiny new laptop.
Contributing to it doesn't change tax liability.
No different really from a tax perspective between putting money in a Roth and buying a shiny new laptop.
Posted on 3/2/15 at 9:46 am to ell_13
quote:
I know I have until april to contribute, but how will this work tax-wise?
Roth contributions have absolutely no impact on your taxes.
The only thing would be if your MAGI is over the allowable threshold for contributions. That MAGI level is around 181,000 and it is phased out, so if you didn't have a MAGI over that amount contributing to a Roth will have absolutely no bearing on your 2014 tax return.
Posted on 3/2/15 at 10:16 am to ell_13
Others have already correctly stated the tax impact.
Just make sure that you tell your investment company that this is a 2014 contribution, otherwise, they may count it against your 2015 limit. That could be a problem if you are intending to otherwise max your 2015 contribution.
More than once I've seen these put to the wrong year.
Just make sure that you tell your investment company that this is a 2014 contribution, otherwise, they may count it against your 2015 limit. That could be a problem if you are intending to otherwise max your 2015 contribution.
More than once I've seen these put to the wrong year.
Posted on 3/2/15 at 3:57 pm to LSUFanHouston
How participants still don't write the year of the contribution on the memo line of the check is beyond me.
Posted on 3/2/15 at 4:19 pm to LSUFanHouston
What's the deadline for making a 2014 contribution?
Posted on 3/2/15 at 4:33 pm to Overbrook
4/15
Posted on 3/2/15 at 5:55 pm to iknowmorethanyou
quote:
How participants still don't write the year of the contribution on the memo line of the check is beyond me.
Maybe they are in 21st century and don't write checks?
Posted on 3/2/15 at 6:33 pm to LSUFanHouston
I'm through fidelity and they ask the year.
My reason for asking was because I know it's reported at tax time. I thought it had a purpose.
Thanks everyone for the replies and help.
My reason for asking was because I know it's reported at tax time. I thought it had a purpose.
Thanks everyone for the replies and help.
Posted on 3/2/15 at 8:15 pm to ell_13
quote:
My reason for asking was because I know it's reported at tax time. I thought it had a purpose.
Roth IRAs aren't reported at tax time. You don't even get tax form from them (1099-INT, 1099-R, or whatever) unless you roll over something into a Roth or something along those lines.
Posted on 3/2/15 at 8:25 pm to KosmoCramer
My H&R Block software asks. 
Posted on 3/2/15 at 8:31 pm to ell_13
That's odd.
Posted on 3/2/15 at 11:39 pm to KosmoCramer
Turbotax asks, but doesn't care. It will track it for you through the years if you make withdrawals.
Posted on 3/3/15 at 8:22 am to ell_13
The only issue you have is accurate tracking of your contributions by year. You need to make sure the contribution made during 2015 is credited as a 2014 contribution on the Form 5498 you will receive from the Custodian of your Roth IRA. This will insure you have the ability to contribute the maximum for 2015 should you choose to.
Posted on 3/3/15 at 11:19 am to Poodlebrain
Thanks Poodle. That was the info I was looking for.
Posted on 3/3/15 at 11:59 am to ell_13
I'm going to try to piggyback on this thread...
I make monthly contributions to my Roth IRA. What happens if at tax time, my AGI exceeds the income limit? I will have contributed all year where my income was over the limit, plus a few contributions for the next year.
I make monthly contributions to my Roth IRA. What happens if at tax time, my AGI exceeds the income limit? I will have contributed all year where my income was over the limit, plus a few contributions for the next year.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News