Author Topic: Traditional IRA  (Read 2770 times)

medinaj2160

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Traditional IRA
« on: February 01, 2015, 07:14:04 PM »
My wife and I are trying to max out our traditional IRA's for 2014. I think we will be able to max them out by the end of March.

Will wr be receiving statents from Vanguard so we can include out traditional IRA deductions in the 2014 taxes? I am planing on filling our taxes in April.

Thanks

wtjbatman

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Re: Traditional IRA
« Reply #1 on: February 01, 2015, 08:59:42 PM »
You don't need any "statements", you can just say you contributed $11,000 to a Traditional IRA when you are filing your taxes.

MDM

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Re: Traditional IRA
« Reply #2 on: February 01, 2015, 09:32:24 PM »
You don't need any "statements", you can just say you contributed $11,000 to a Traditional IRA when you are filing your taxes.
+1

Just make sure you fit the requirements.  See instructions for line 32 in http://www.irs.gov/pub/irs-pdf/i1040gi.pdf.

dividendman

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Re: Traditional IRA
« Reply #3 on: February 01, 2015, 10:46:56 PM »
You don't need any "statements", you can just say you contributed $11,000 to a Traditional IRA when you are filing your taxes.

You don't have to report that to the IRS do you? Only the IRA trustee or issuer needs to report to the IRA contribution to the IRS I thought.

MDM

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Re: Traditional IRA
« Reply #4 on: February 01, 2015, 11:17:42 PM »
You don't need any "statements", you can just say you contributed $11,000 to a Traditional IRA when you are filing your taxes.

You don't have to report that to the IRS do you? Only the IRA trustee or issuer needs to report to the IRA contribution to the IRS I thought.

I guess you don't have to.  Unless, that is, you want the tax deduction that comes along with reporting it.  See line 32 of the 2014 Form 1040.

dividendman

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Re: Traditional IRA
« Reply #5 on: February 01, 2015, 11:30:09 PM »
I guess you don't have to.  Unless, that is, you want the tax deduction that comes along with reporting it.  See line 32 of the 2014 Form 1040.

Ah, that makes sense. My income is too high to get any tax deduction, I just use it for the back door Roth. Phew, I thought I screwed up 3 years of taxes!

medinaj2160

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Re: Traditional IRA
« Reply #6 on: February 02, 2015, 03:56:37 AM »
You don't need any "statements", you can just say you contributed $11,000 to a Traditional IRA when you are filing your taxes.

Thank you. This is the first time we have contributed to an IRA :)

medinaj2160

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Re: Traditional IRA
« Reply #7 on: February 21, 2015, 04:49:26 PM »
I have another question.

Since I don't need and statement can I go and do my taxes right now and tell them that we have max out or plan to max out our traditional IRA's for 2014; even though we only have around 6k right now but will max out the traditional IRA's before April 15th?

Thanks

medinaj2160

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Re: Traditional IRA
« Reply #8 on: February 22, 2015, 06:13:35 AM »
Bump.