Can I open a year 2000 Roth IRA if I have already filed my 2000 tax re

[Guest mvandraren]

Hello,

I have already filed my 2000 tax return. Can I still open a new Roth IRA for the tax year 2000? I know I have till April something to open for 2000, just wondering if I am eligible or not.

Thanks!

--Michael

[BPickerCPA]

You're still eligible.

[Guest Taxwoman]

According to the regulations, the deadline for making an IRA contribution is April 15. Filing your tax return early does not prohibit you from making an IRA contribution.

However, is you did not note the contribution on your tax return, you will have to file an amendment to report the contribution.

[JAMES PATRICK]

You do not have to report a Roth contribution on your tax

return.

[Guest Taxwoman]

So then, are you saying that the only notification the IRS will receive is the IRS Form 5498?

How then will one keep track of the basis in the Roth IRA?

How will one keep trach of what is a contribution, versus conversions and earnings?

[Guest PlasticsGuy]

You dont have to Report Roth contributions on your tax.

Jim was correct. Also you have till April 15th to add monies to your Roth 2000 contribution.

[Guest Taxwoman]

Thanks-

But my questions are still unanswered- how will i keep track of the basis etc.

[Guest PlasticsGuy]

TaxWoman:

you dont need to keep track of anything. Since the earnings are tax deferred, it doesnt matter. Quicken sells a program that will help you keep track of your earnings, conversions, but thats strictly for your personal satisfaction.

[Guest Taxwoman]

Thank you Plactic guy. You know your stuff. i was just reading some retirement plan material which says you are right.

[Guest PlasticsGuy]

thank you. invest wisely