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I am 21 years old and brand new to investing. My question concerns the ability to invest in IRA's for a previous year up until the tax filing deadline of that year(April 15 2002) .
If I inherited some money, say in February 2002 and had already filed my year 2001 tax return, could I still contribute to a Roth IRA for the year 2001 since the money is inherited and won't be taxed anyway?

If any Fool out there can help please do. Thanks.

ajgator69
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If I inherited some money, say in February 2002 and had already filed my year 2001 tax return, could I still contribute to a Roth IRA for the year 2001 since the money is inherited and won't be taxed anyway?

Yes, provided you meet the earned income criteria.

HaGD, L2J
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And you file an ammended tax return.

Gary
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And you file an ammended tax return.

Not necessary as there is no tax affect.
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I'm not sure whether an amended tax return is necessary, but I think it may not be since on your tax return you list your last TWO years' Roth contributions.
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I just don't see that filing an amended tax return would ever be necessary here. It's my understanding that people never list any of their Roth contributions on their tax returns anyway. (Custodians of Roth accounts have IRS obligations, but not contributors.)

--SirTas
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but I think it may not be since on your tax return you list your last TWO years' Roth contributions.

Is this a recent change? Last year Publication 590 specifically said that one does not list Roth IRA contributions.
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Is this a recent change? Last year Publication 590 specifically said that one does not list Roth IRA contributions.

So does the instructions to Form 8606. The only reporting of IRS or Roth contributions is done on Form 8606 for non-deductible IRAs.
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The only reporting of IRS or Roth contributions is done on Form 8606 for non-deductible IRAs

Of course, this does not include the traditional IRA deduction itself on Form 1040. Which, of course, would require an amended return.
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