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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Re: IRA contributions for 2000 Date: 2/22/2001 7:40 AM
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Smdiss asks:

I'm aware that IRA contributions can be made for tax-year 2000 up through April 16 of this year. My question: is it still possible to make contributions if you've already filed for 2000? The IRA account is presently a regular one, but we'd like to convert to a Roth asap.

If we convert in the next month, then we pay the tax involved when we file for 2001, right? But what if we convert say on March 15, then are we able to still make additional contributions for 2000?


You may make a contribution to your traditional or Roth IRA for 2000 until April 16, 2001, even if your income tax return has been filed. Just ensure that the contribution is clearly designated as being for that year so the custodian doesn't designate it as a 2001 contribution.

If you convert your existing IRA to a Roth in March, the income for that conversion will be reported on your income tax return for 2001. After conversion, you may use that account for your regular annual contribution for tax-year 2000. As I said above, though, just make sure that deposit is clearly designated as a tax-year 2000 contribution.

Regards..Pixy
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