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Okay, I did a quick search and could not find the answer to this question.

DH and I filed our taxes in early February. Now, due to an unexpected bonus I am going to be able to fund a Roth IRA. Our AGI was $95K for last year 2001. I'd like to open a Roth and contribute for last year. DH is in his companies 401K, I am in a Simple IRA. Can I make the contribution of $2,000 for each of us? Do I need to notify the IRS? Do I have to amend my return?

Sorry if this has been asked already.

Molucatoo
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Greetings, Molucatoo, and welcome. You asked:

DH and I filed our taxes in early February. Now, due to an unexpected bonus I am going to be able to fund a Roth IRA. Our AGI was $95K for last year 2001. I'd like to open a Roth and contribute for last year. DH is in his companies 401K, I am in a Simple IRA. Can I make the contribution of $2,000 for each of us? Do I need to notify the IRS? Do I have to amend my return?

Despite the fact you have already filed your income tax return, you may still make a 2001 contribution to both your and your husband's separate Roth IRAs until April 15, 2002, provided you meet the joint AGI limitation of $150K or less to do so. There is no need to notify the IRS of this contribution or to amend your return because Roth IRA contributions are not reported by you to the IRS. Just ensure the IRA provider is informed in writing that the contributions are for tax-year 2001 to ensure they are credited to the proper year.

TIP: You better act fast as most providers have a cutoff date for 2001 contributions of April 10 or thereabouts. Miss that provider-imposed date, and you'll be out of luck.

Regards..Pixy
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Thanks for the help. I have transferred money from savings to checking and will open the e-trade IRA on monday when I know for sure I am getting my bonus. Then I'll repay savings from my bonus. E-trade will let me do an "instant deposit" from my checking account, so I think I have all basis covered to meet the deadline.

Molucatoo
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