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re: Tax Implications for a late contribution to Roth IRA?
Posted on 1/31/13 at 1:47 pm to kennypowers816
Posted on 1/31/13 at 1:47 pm to kennypowers816
quote:
can I file my tax return now and then make my Roth contribution subsequently? I expect I should be able to because the Roth contribution has no effect on my taxable income, etc., right?
Yep. You contribute to a Roth with post-tax money, so you can't claim it on your return anyway.
1
Posted on 1/31/13 at 2:10 pm to foshizzle
Yes. Just tell your tax preparer next year you contributed to it afterwards so the amount can be added to your Roth basis. You can take losses on Roth accounts but it's part of the 2% misc. itemized deduction.
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