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| *Ostroff, Fair and Company>>>United States Taxes |
What do I do to contribute to a 2006 IRA if I have already filed my tax return for that year? |
I want to make contributions to my IRA for 2006. I just opened up the IRA account with Fidelity a week ago. But I have already filed my 2006 tax returned and already got my refund. Tell Fidelity that the contribution is for 2006. If it is a traditional IRA you need to amend your return by filing form 1040X. Don't forget to fill out form 8880 for the Savers Credit if you qualify. If it is a Roth IRA you should still tell them it is for 2006. That way you can make another contribution in 2007 if you want. You may get the Savers Credit on your 2006 1040 of up to 50% of your contribution, so fill out form 8880 and amend if you need to. You can make a contribution to a Roth IRA up to the due date of your return and it can qualify for the savers credit. If you amend your Federal return, make sure you check your state too. Link to 8880 form and instructions: http://www.irs.gov/pub/irs-pdf/f8880.pdf... Dont Worry. Just make the contribution by 4/15/07. If you dont make the contribution by that day, then you can worry. Be sure to indicate to Fidelity that you are making a contribution for 2006. If it is a traditional deductible IRA, file a 1040X to amend your return to reflect the deduction (adjustment), and you should get an additional refund. If It is a ROTH IRA, you don't need to amend your return. A Roth IRA is not deductible. Contributions made to it count for 2007 if made in 2007. Be sure to indicate to Fidelity that you are making a contribution for 2006. If it is a traditional deductible IRA, file a 1040X to amend your return to reflect the deduction (adjustment), and you should get an additional refund. If It is a ROTH IRA, you don't need to amend your return You can file an amended return for 2006 and claim the deduction for your IRA contribution. As Mr. Bostonian stated, I don't think that a Roth IRA is deductible. However, you definitely want to contribute to your Roth every year! Get your money in there ASAP... before the 15th, to maximize your contributions. Click on the below link to get some information on how to save some money this year on your taxes at the same time! |
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