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Financial Planning / Tax Strategies
|Subject: Re: Roth IRA taxes||Date: 1/1/2002 3:18 PM|
|Author: bigcaat||Number: 56568 of 125456|
You need to let your tax preparer know how much you've contributed to your Roth for the year. Any moving of funds within your roth shouldn't make a difference -- BUT -- if you have switched funds between a roth and a traditional, there will be tax implications.
In otherwords, if you have a $5000 in a traditional IRA and you convert it to a Roth, then, since you didn't pay taxes on that money when you made the contribution, you will have to now.
Also, you have until April 15th of this year (or until the time you file your 2001 taxes) to make contributions to your roth for the year 2001. Just make sure to let your tax preparer know everything that you've done with regard to your retirement contributions.
Hope this helps. Happy New Year,
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