Timing of Roth Contribution

[Guest Richard VandenBrul]

Can I file my 1999 income tax return now and make a contribution to a Roth IRA for 1999 by April 15, 2000.

Richard

[BPickerCPA]

Yes. In fact, I'll even give you until April 17th. But only this year.

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Barry Picker, CPA/PFS, CFP

New York, NY

[John G]

And don't forget, you can also fund your 2000 contribution at the same time. Just make sure the custodian understands which year. They often get it messed up during the early calender year overlap period.

[Guest robman2]

So if I already filed my 1999 Fed and State returns, I can still open a Roth for 1999 tax year? I thought the basis points for contributions to IRA's was reported on a form filed with the federal tax return?

Do I need to redo my taxes or submit this form, or is it ok to do nothing and just report it next year?

Thanks

[Michael Devault]

Robman2, you can still open a Roth IRA for 1999. But, unless you reported it on the income tax you've already filed, you'll have to file an amended return.

[BPickerCPA]

Actually, since you don't report Roth contributions on your 1040 anyway, there is no need to file an amended return.

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Barry Picker, CPA/PFS, CFP

New York, NY