Can I invest my 2006 tax refund into my 2006 Roth IRA contribution?

Question

Or since I already filed my return, can I only invest with 2007 contributions??

Does it matter since the Roth doesn't really have a tax effect?

Answer 1

Yes, you still can.

You can even put it into a traditional IRA, file an amended return and get more money back.

Answer 2

If you get your refund prior to april 15th, hells yes.

If you didn't max out your roth last year than you should max out 2006 first, then put any left in the 07 Roth.

It matters, not because of the tax consequences but because once passed up you can't add to the 06 account and that will be money that never gets a chance to grow and enhance your retirement.

Every little bit counts.

Rah Rah Rah.

PS Juleete is a moron. go to IRS.GOV if you want to verify what I said.

Answer 3

A Roth IRA is with post-tax money, so deposits won't affect your 2006 taxes.

So, you can use the money you get from your refund.

A traditional IRA, however, no (not easily). In order to get the tax benefit (for 2006), you'd have to do it before April 16 and you'd need to refile your taxes. Better to use the deduction in 2007.

Answer 4

Yes you can. You have until the filing date of the following year to fund an IRA. This year thats April 17, funding your IRA for 2006.

Answer 5

The deduction section out does not decrease the quantity you're allowed to make a contribution. the full $4000 remains allowed as a contribution. the quantity in far extra than your allowable deduction is seen a non-deductible contribution. Such contributions make taxes on withdraws extra complicated. you do not might desire to repair something now.

Answer 6

nope