I'm not maxing my Roth IRA every year. My Roth account is listing money I'm short of maxing for each year. Does that mean I can put new money in to fill my allotment from previous years? For instance my allotment for the past two years was $4,000, but I only put in $3,000 last year. Could I put in $5,000 ($1,000 to fill in the allotment from last year and $4,000 for my allotment for this year) this year?
2006-06-23 06:38:05 · 2 answers · asked by gregory_dittman 7 in Business & Finance ➔ Investing
Nope. Not allowed.
That limit is per year, each year. No retroactive contributions.
2006-06-23 06:46:00 · answer #1 · answered by VinTek 7 · 2⤊ 1⤋
There's a "catch-up" provision, but only if you're over a certain age, I think it's 55. A tax advisor or www.irs.gov should be able to answer for sure.
2006-06-23 11:33:57 · answer #2 · answered by rainfingers 4 · 0⤊ 0⤋