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Author: fullerbs Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76397  
Subject: 2002 Roth Contribution Date: 3/9/2003 1:59 PM
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Hey All

Like a good boy I have already filed my 2002 Federal and State returns. But like a bad boy (that's the Gemini in me), I haven't kept current on all the tax related changes for the 2002 tax year (please forgive me for I'm a fool, not the Fool I should be). I just learned my 2002 AGI is under the limit for making a full Roth Contribution for 2002.

My Question: May I make my 2002 Roth contribution now (or before April 15) and not have to re-file (modify) my state and federal returns?
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Author: Mark0Young Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35861 of 76397
Subject: Re: 2002 Roth Contribution Date: 3/9/2003 8:34 PM
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May I make my 2002 Roth contribution now (or before April 15) and not have to re-file (modify) my state and federal returns?

Since the Roth IRA contributions are not reported on your Federal Tax Returns, there is no reason to refile your Year 2002 Federal Tax Returns if you make your Year 2002 Roth IRA contribution in the next 6 weeks. (The Roth IRA custodian will report the your contribution.)

If you qualify for a Retirement Savings Credit, you would have to file an ammended return to get that credit. It's unlikely that you will qualify if you are near the Roth IRA phase-out.

Roth IRA contributions are not shown on the Oregon State Tax Returns, but a Retirement Savings Credit that reduces your federal tax obligation has the potential of affecting Oregon state income taxes because the federal tax obligation, up to a limit, is an Oregon State subtraction. (Subtraction? I don't know why Oregon came up with a different vocabulary.)

I can't speak about other states.


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