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Titan Pharmaceuticals Inc. Message Board

  • bizwiz_69 bizwiz_69 Oct 13, 2013 2:59 PM Flag

    OT - ROTH Contributions

    Does anyone know if one is required to report their ROTH contributions on their tax returns?

    What if you no longer get the tax deduction?

    What if you contribute more than the current $5,500?

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    • My question was, "do I have to report my contributions on my Federal tax returns?

      What if I decide to fund $10K this year and not report it when I do my taxes in the spring? Will the IRS find out?

    • Regular IRA: deduction for contribution, so future distributions are fully taxable.
      ROTH IRA: no deduction for contribution, so future distributions are tax free.
      There are limitations to what you can contribute.

      • 2 Replies to zero.risk13
      • 6500 dollars for a roth IRA in 2013

      • Retirement Topics - IRA Contribution Limits

        For 2012, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
        •$5,000 ($6,000 if you’re age 50 or older), or
        •your taxable compensation for the year.

        For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
        •$5,500 ($6,500 if you’re age 50 or older), or
        •your taxable compensation for the year.

        The IRA contribution limit does not apply to:
        •Rollover contributions
        •Qualified reservist repayments

        Claiming a tax deduction for your IRA contribution

        Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
        •IRA deduction limits

        Roth IRA contribution limit

        The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income.
        •2012 - Amount of Roth IRA Contributions You Can Make for 2012
        •2013 - Amount of Roth IRA Contributions You Can Make for 2013

        IRA contributions after age 70½

        You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

        Spousal IRAs

        If you file a joint return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.

        If neither spouse participated in a retirement plan at work, all of your contributions will be deductible.

        Can I contribute to an IRA if I participate in a retirement plan at work?

        You can contribute to a traditional or Roth IRA whether or not you participate in another retirement plan through you

 
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