No. of Recommendations: 1
May I make my 2002 Roth contribution now (or before April 15) and not have to re-file (modify) my state and federal returns?

Since the Roth IRA contributions are not reported on your Federal Tax Returns, there is no reason to refile your Year 2002 Federal Tax Returns if you make your Year 2002 Roth IRA contribution in the next 6 weeks. (The Roth IRA custodian will report the your contribution.)

If you qualify for a Retirement Savings Credit, you would have to file an ammended return to get that credit. It's unlikely that you will qualify if you are near the Roth IRA phase-out.

Roth IRA contributions are not shown on the Oregon State Tax Returns, but a Retirement Savings Credit that reduces your federal tax obligation has the potential of affecting Oregon state income taxes because the federal tax obligation, up to a limit, is an Oregon State subtraction. (Subtraction? I don't know why Oregon came up with a different vocabulary.)

I can't speak about other states.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement