If you didn’t quite meet your $5,000 IRA contribution limit for last year, there’s still time. You have until April 15 of this year to make IRA contributions for 2010 – this deadline is for both traditional and Roth IRA’s.
Already Made Your 2010 Contribution?
Already made your full 2010 contribution? You’re ahead of the game – and now’s a great time to get started on this year’s contributions. Of course, you’ll have until April 15, 2012 to make your full 2011 contribution, but you’re always free to contribute to your IRA throughout the year.
Speaking of April 15th…
If you rolled over an IRA or a 401(k) last year, did you know that you have to report that transaction on your tax return come April? Don’t worry! Even though it’s reportable, it’s not taxable. You’ll get a form 1099-R from the custodian of the account that was terminated due to the rollover (your old account). This form tells you the amount that will need to be entered on your tax return as reportable to the IRS. If you have questions about your rollover – or about your IRA or 401(k) – check with your tax professional.