Roth IRA contribution | Ed Slott and Company, LLC

Roth IRA contribution

How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You

Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.

How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You

Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.

5 Ways Excess IRA Contributions Happen

You can have too much of a good thing. While it is a good strategy to contribute to an IRA, some contributions are not allowed. When a contribution is not permitted in an IRA, it is an excess contribution and needs to be fixed. Some excess contributions are pretty easy to understand. Others are a little more complicated. Here are 5 ways an excess IRA contribution can happen:

Can I Reach My 401(k) Funds While Still Working?

We continue to get questions about the ability of employees to withdraw from 401(k) plans while still working. The tax code includes certain restrictions on these in-service withdrawals. Plans must follow these rules or they risk losing their tax-qualified status. But plans are also free to impose even more restrictive rules than required by the tax code

5 Things to Know When Making a 2022 Roth IRA Contribution

Tax season is upon us. This is the time when you might be thinking about contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow the rules. If you are making a 2022 Roth IRA contribution, here are 5 things you need to know:

A Tax-Free Roth IRA Distribution in 5 Easy Steps

Roth IRAs offer a trade-off where you pay taxes now on your contribution (or conversion) in exchange for tax-free earnings later. Don’t miss out on tax-free Roth IRA distributions by making mistakes. Here are five steps to follow to make sure money comes out of your Roth IRA tax-free.

ONCE-PER-YEAR ROLLOVER RULE AND INCOME FOR ROTH IRA CONTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG

Question: Hi, I have a client that needs funds for a short period of time, so he plans to use the 60-day rollover rule to borrow money from his IRA and return it within 60 days. He has a Traditional IRA and a Roth IRA. He is under the impression he can do a 60-day rollover for each account. My understanding is that he can only do one 60-day rollover regardless of account type during any 365-day period, so he can only take funds from his IRA or Roth, but not both. Am I correct?

ELIGIBILITY RULES FOR ROTH IRA CONTRIBUTIONS AND DEDUCTIBLE TRADITIONAL IRA CONTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG

Question: If your employer contributes to either a SEP IRA or a SIMPLE IRA, can you (the employee) also contribute to a Roth IRA? Regards, Alfred

ROTH IRA CONTRIBUTIONS AND QCDs: TODAY’S SLOTT REPORT MAILBAG

Question: I am 72 years old and have a Roth IRA. I have some extra cash in a bank account. Can I put that into my Roth IRA and how much can I contribute for 2021?

Roth IRA Contributions and Your Tax Return

Have you contributed to a Roth IRA for 2020? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2020, that deadline is April 15, 2021.

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