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Author: ajgator69 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76420  
Subject: Investing in IRA after filing Taxes Date: 10/26/2001 7:07 PM
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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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Author: L2J Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32362 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/26/2001 9:21 PM
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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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Author: sportfool One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32364 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/27/2001 1:43 AM
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And you file an ammended tax return.

Gary

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Author: ogrecat Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32365 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/27/2001 6:06 PM
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And you file an ammended tax return.

Not necessary as there is no tax affect.

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Author: jrr7 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32369 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/29/2001 6:04 PM
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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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Author: SirTas Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32371 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/29/2001 9:23 PM
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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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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: 32372 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/29/2001 9:47 PM
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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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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32374 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/30/2001 11:59 AM
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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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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32375 of 76420
Subject: Re: Investing in IRA after filing Taxes Date: 10/30/2001 12:15 PM
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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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