I had a roth ira several years ago in my mid-twenties. Unfortunely, during that time I had invested the money in Enron stock. The Roth went bust.
About 6 years later, I had started a new Roth IRA. I think I already know the answer to this question, but it never hurts to ask-
Can I put in more money (other than the 3,000) into my new IRA to make up for the loss of my old one? Afterall, for tax purposes, I can prove I once had an existing Roth IRA. Or would I get into trouble if I tried?
Thank you...
2006-10-22 01:43:48 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Sorry for your loss in the Enron stocks, but thats why its better to invest in a solid mutual fund for the long term. Actually can you put up to $4000 a year now. And you can put that in for 2006 up till april 15, 2007 and have it count for 2006. Atfer that you can start to get up to the $4000 mark for 2007. Hope this helps
2006-10-22 01:56:35 · answer #1 · answered by grnidbryn 1 · 2⤊ 0⤋
No, you can't put extra in now to make up for losses in the past. The earlier responder who said the limit is now up to $4000 ($5000 if you're 50 or over ) is correct.
2006-10-22 13:46:50 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
You can put more money only if you're older than 50
2006-10-22 08:49:02 · answer #3 · answered by Borat2® 4 · 0⤊ 0⤋