The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Can I contribute to a Roth IRA?||Date: 3/31/2013 7:50 PM|
|Author: TMFPMarti||Number: 118235 of 122643|
The brokerage has sent us a form 5498 for the recharacterization in 2012.
In 2012, we contributed heavily to our employer sponsored retirement plans, and our MAGI ended up being low enough to contribute the max allowed to our Roth IRA accounts.
My question is: Can we contribute to the Roth IRA for the year 2012?
I'll address only the recharacterization, which I think is your concern. Even though it happened in 2012 it was a tax year 2011 transaction. It has no effect on your ability to make tax year 2012 contributions.
See Pub 590.
Rule Your Retirement Home Fool
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|