ROTH IRA 2017?

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ROTH IRA 2017?

Post by RRAAYY3 » Tue Apr 03, 2018 5:58 pm

My account is saying I still can contribute to a 2017 Roth

I made my 2018 ... I transferred Roth’s in 2017. Am I eligible to make a 2017 contribution if I already did prior to transferring?

Is this a “new firm” loophole or is my new account/form just missing something? I obviously don’t want to do anything illegal, just wondering if I’m missing a chance at an “extra” contribution

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Re: ROTH IRA 2017?

Post by bloom2708 » Tue Apr 03, 2018 6:02 pm

Are you saying you contributed to your 2017 Roth IRA at Firm A, then transferred to Firm B.

You want to contribute again to your Roth IRA for 2017 because you might have a loophole?

Even if the site let you, you cannot do it. The limit is $5,500 assuming you have earned income and don't exceed the income limits to directly contribute.

Maybe your wording/choice of words is throwing me off. :confused
"We are not here to please, but to provoke thoughtfulness." --Unknown Boglehead

Silk McCue
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Re: ROTH IRA 2017?

Post by Silk McCue » Tue Apr 03, 2018 6:07 pm

Your post is disorganized and unclear. Please edit it so that the facts can be understood.

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Re: ROTH IRA 2017?

Post by 02nz » Tue Apr 03, 2018 6:11 pm

The firm where you have your Roth IRA only tracks contributions you make after the transfer, and only to the Roth IRA held there; it doensn't know about contributions you may have made elsewhere, whether before or after the transfer. That's the only reason it shows you can still make a contribution for 2017. So, no, you cannot contribute more for 2017 if you've already contributed the $5500 (or whatever reduced amount you were eligible to contribute, if you were in the phaseout range). If you make a contribution beyond your eligibility the IRS (which does keep track of these) will come after you, sooner or later.

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