Quick Roth IRA Question

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rothlmar
Posts: 20
Joined: Tue Jul 03, 2007 11:10 am

Quick Roth IRA Question

Post by rothlmar »

I know it's early to be thinking too much about 2008, but I have a question. I know that the deadline for making a contribution to a 2007 Roth IRA is approximately April 15 (barring weekends and holidays), which is obviously tied to the tax return deadline. But what if I file my tax return in February or March? Am I still allowed to make 2007 contributions to my Roth IRA until April? As the Roth is funded after tax, it won't change my taxes due; however, I think that I'm supposed to report Roth contributions on tax returns--what should I report in this case, when I still plan to make 2007 contributions?

So many questions; thanks for any answers.

Thanks,
Mark
Live Free or Diehard
Posts: 517
Joined: Wed Jun 27, 2007 1:12 pm

Re: Quick Roth IRA Question

Post by Live Free or Diehard »

rothlmar wrote:But what if I file my tax return in February or March? Am I still allowed to make 2007 contributions to my Roth IRA until April? As the Roth is funded after tax, it won't change my taxes due; however, I think that I'm supposed to report Roth contributions on tax returns--what should I report in this case, when I still plan to make 2007 contributions?
You don't report contributions to Roth IRAs on your tax return. The only IRA contributions you report on your tax return are for deductible Traditional IRAs.
earlyout
Posts: 1436
Joined: Tue Feb 20, 2007 5:24 pm

Quick response

Post by earlyout »

Mark,

As I recall, Roth contributions are not reported on your tax returns. If you use a tax preparation program the program may have you input the amount but it does not enter into the actual calculation of your tax bill.

You have until your tax deadline to make the Roth contribution. This would be April 15th in your case. Although it does not apply to you, if a person files an extension to pay income taxes, their deadline for making a Roth contribution is also extended.

EO
Topic Author
rothlmar
Posts: 20
Joined: Tue Jul 03, 2007 11:10 am

Post by rothlmar »

Thanks to both; that was just what I wanted to know. To clarify, I did use some sort of tax preparation software, and it did ask me to enter Roth contributions, but when I look at the return generated by the program, it doesn't contain any of that information, exactly as you pointed out.

thanks,
Mark
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