roth IRA

[abc]

andy, i just mean that if I open a roth IRA TODAY for TAX YEAR 2001 for the amount of $2000,

correct me if I am wrong but there does not seem to be anything I am obligated to do, tax filing wise, on my 2001 1040 Forms which are to be mailed out tomorrow.

i was typing too fast before.

 

[PsychoAndy]

wha? use sentences that make sense dude

oh BTW, if i think youre asking what i think youre asking, AFAIK an IRA is just an another investment vehicle with kick ass long term tax advanages

 

[goodoptics]

<< andy, i just mean that if I open a roth IRA TODAY for TAX YEAR 2001 for the amount of $2000,

correct me if I am wrong but there does not seem to be anything I am obligated to do, tax filing wise, on my 2001 1040 Forms which are to be mailed out tomorrow.

i was typing too fast before. >>

 

[PsychoAndy]

i dont think you need to do anything on your 1040. what you do with your savings is your business.......unless you make money off of it.

BTW, they upped the max contribution this year to $3k

 

[Ameesh]

<< i dont think you need to do anything on your 1040. what you do with your savings is your business.......unless you make money off of it.

BTW, they upped the max contribution this year to $3k >>



thats for the tax year 2002

 

[sten]

I think tomorrow is the last day to start a Roth for 2001, with the limit of $2000. My gf opened one Friday, putting 2k in for 2001 and 3k in for 2002. I'm on my way to start one tomorrow. As far as taxes go, I've already paid the taxes on that money, it doesn't change my 1040.

 

[HappyPuppy]

For a Roth IRA, as opposed to a traditional IRA, you pay the normal federal tax up front for the money you put into it. When you retire you can draw the principle and interest out of it tax free.