contributing to my roth ira

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ketanco
Posts: 130
Joined: Wed Jul 24, 2013 7:09 pm

contributing to my roth ira

Post by ketanco » Wed Feb 25, 2015 2:28 pm

1-i want to make sure that there is no paperwork to be done during doing my taxes now for the amount i will contriubute to my roth ira. is there anything?

2-if i contribute now, it means i am contibuting for the year of 2014 correct? and i have until april 15 correct?

3-so i just login to my roth ira account, and do my contribution and thats it right?

livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: contributing to my roth ira

Post by livesoft » Wed Feb 25, 2015 2:32 pm

It depends.

1. Is your 2014 modified AGI so high that you are in the phase-out range or above it for Roth IRA contributions? If so, then paperwork. If not, then no paperwork.

2. No, you MUST specify that your contribution is for 2014. It will not automatically be labelled a contribution for 2014. It may even default to 2015.

3. See above.
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Toons
Posts: 13440
Joined: Fri Nov 21, 2008 10:20 am
Location: Hills of Tennessee

Re: contributing to my roth ira

Post by Toons » Wed Feb 25, 2015 2:41 pm

ketanco wrote:1-i want to make sure that there is no paperwork to be done during doing my taxes now for the amount i will contriubute to my roth ira. is there anything?

2-if i contribute now, it means i am contibuting for the year of 2014 correct? and i have until april 15 correct?

3-so i just login to my roth ira account, and do my contribution and thats it right?
It has been a while since I contributed to a Roth so I just signed into Vanguard and started to initiate a purchase to see what the screens looked like.
The first screen clearly shows how much you are allowed to contribute to both years 2014 and 2015.It factors in any contributions you have already made.
Once I chose the investment to purchase the screen offered a choice of both years,either or(2014,2015) to fund.
Wed.April 15th is the deadline for 2014 Roth contribution :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

sport
Posts: 8819
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: contributing to my roth ira

Post by sport » Wed Feb 25, 2015 2:53 pm

Toons wrote:It factors in any contributions you have already made.
This would apply only to contributions made at Vanguard. If you should have another IRA elsewhere, Vanguard would not be aware of it.

Topic Author
ketanco
Posts: 130
Joined: Wed Jul 24, 2013 7:09 pm

Re: contributing to my roth ira

Post by ketanco » Wed Feb 25, 2015 3:50 pm

i made about 114k in 2014. so do i have paperwork and how much can i contrinbute?

also, i transferred one of my 401k from a previous employer to a regular IRA last year. does that IRA affect my contributino to this roth ira? i will not contribute to that normal ira. i will only contribute to roth

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BL
Posts: 9272
Joined: Sun Mar 01, 2009 2:28 pm

Re: contributing to my roth ira

Post by BL » Wed Feb 25, 2015 4:07 pm

ketanco wrote:i made about 114k in 2014. so do i have paperwork and how much can i contrinbute?

also, i transferred one of my 401k from a previous employer to a regular IRA last year. does that IRA affect my contributino to this roth ira? i will not contribute to that normal ira. i will only contribute to roth
About may be a problem. The modified AGI of 114k is the max before the amounts allowed start to be reduced for Single.
single, head of household, or married filing separately and you did not live with your spouse at any time during the year
< $114,000
up to the limit
> $114,000 but < $129,000
a reduced amount
> $129,000
zero
http://www.irs.gov/publications/p590a/index.html

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