10 frequently asked questions about IRAs

10 frequently asked questions about IRAs

1-      When is my IRA contribution due? Your traditional and Roth IRA contribution must be made no later than April 18. If you make your contributions in year 2016, make sure your financial institution reports the deposit for year 2015. Your SEP IRA contribution for year 2015 isn’t due until you file your tax return (that could be as late as October 15 if you file an extension). 2-      How much can I contribute to an IRA? The IRS may annually adjust contribution maximums. 3-      How do I report my Roth IRA contributions? Roth IRA contributions are not tax reportable nor are they deductible from your income. Your financial institution will report the contribution to the IRS on form 5498 in late May. However, you must report a Roth IRA conversion on your 1040 form (using information provided to you on the 1099-R form). Keep in mind, you’ll owe taxes on the taxable part of the Roth IRA conversion in the year you make the conversion. 4-      How do I report my deductible traditional IRA contribution? You report your deductible IRA contribution on your personal tax return 1040. 5-      Why does my tax professional insist my traditional IRA contribution was

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