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Posted by anand on February 19, 2007, 2:01 pm
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>> I contributed 3000$ towards Roth IRA for the Tax year 2003.
>> I made this contribution sometime between Jan and March of
>> 2004.
>>
>> At the time of contribution I had the choice of choosing the
>> contribution towards 2003 or 2004, and I decided to
>> contribute to 2003.
>>
>> But now I realize that I should have contributed that amount
>> to 2004 instead of 2003, which would have benefited me in
>> some other ways.. Is it possible to change that decision
>> now..
> No. That deadline is long gone.
>
> Since Roth contributions have no effect on your taxes, and
Not entirely true, roth IRA has tax effects, when the AGI
drops below the limit, $50,000 for example for married
couple filing jointly.. Then the of ira contribution I
believe will get some tax credits...
> you're closer to satisfying the Roth 5 year period with a
> 2003 contribution than a 2004 I can't see any tax reason why
> you would be better off changing it even if you could.
Our (married filing jointly) AGI for 2004 was less than
$50,000 for 2004 and more than $50,000 for 2003, I would
have been better off making that contribution towards 2004,
thus claiming some credits as I mentioned before...
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