The traditional IRA contribution deadline is April 15th, the same day that your federal and state taxes are due. For some, this may help them remember when the deadline is, and with others it does not help them remember at all because they are more concerned with getting their taxes in the mail. By remembering the dead line, it can mean a tremendous boost toward saving for retirement. In 2011, the filing date falls on April 17th. If you make a contribution after this date will be applied to the following tax year. The IRS considers this deadling a "do or die" case because if investors miss the deadline, they are forgeiting their right to make Roth IRA contributions for that tax year.
If you have already filed your taxes but have not made the traditional IRA or ROTH IRA contribution, you can still do so but you will have to file an amended tax return.
If you are new in dealing with IRAs, here are some Roth IRA guidelines for you to follow. The first thing that a person needs to know is that unlike a traditional IRA,, which has an age limit of 70 12 years, there is no age limit on who can contribute but contribution depends on the modified adjusted gross income you make. The next item is that the amount you contribue each year is set and adjusted for inflation, and if you are over the age of 50, you are allowed to make a extra special contribution, which is 1,000. For a person to be able to open an Roth IRA your earned income must be less than 160,000 if you file married jointly on your taxes. If you filed as any other status, the amount must be less than 110,000. If you live with your spouse at any time during the tax year but decide to file separately, then you can have earned income of 10,000.
If you are planning your future, then making a contribution to either a traditional or ROTH IRA is the way to do it. Just make sure that you follow the guidlines and the due date.
If you have already filed your taxes but have not made the traditional IRA or ROTH IRA contribution, you can still do so but you will have to file an amended tax return.
If you are new in dealing with IRAs, here are some Roth IRA guidelines for you to follow. The first thing that a person needs to know is that unlike a traditional IRA,, which has an age limit of 70 12 years, there is no age limit on who can contribute but contribution depends on the modified adjusted gross income you make. The next item is that the amount you contribue each year is set and adjusted for inflation, and if you are over the age of 50, you are allowed to make a extra special contribution, which is 1,000. For a person to be able to open an Roth IRA your earned income must be less than 160,000 if you file married jointly on your taxes. If you filed as any other status, the amount must be less than 110,000. If you live with your spouse at any time during the tax year but decide to file separately, then you can have earned income of 10,000.
If you are planning your future, then making a contribution to either a traditional or ROTH IRA is the way to do it. Just make sure that you follow the guidlines and the due date.
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