Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have a question regarding my Roth Ira contributions.I dont…

Hello-I have a question...

Hello-I have a question regarding my Roth Ira contributions.I dont have a retirement plan at my work but my wife has a plan,which I believe is a 401K.We made right around $110,000 together last year.My main question is can we contribute a 3,600 vacation check from my wifes work to my IRA before the tax deadline,would it be worth it as far as reducing our tax bill?I did not contribute to my Roth and I know I can go up to $5,500.We almost lost our home a few years ago and are just now getting back on our feet so I have not contributed but have the $3,600 and was wondering how much it would reduce the tax bill?Thanks for any advice you could give.Steve

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I basically would like to know if it would be worth it to contribute the $3,600 to my Roth before the April 17 tax deadline

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/14/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,104
Experience: Over 30 years of experience.
Verified

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

Ask Your Own Tax Question

You can contribute to the IRA before April 15, 2018 for 2017 tax year

The Roth IRA does NOT provide a tax reduction when you take it. A standard IRA does.

The advantage of the Roth IRA is that all earnings are tax free, even when you withdraw them, but you pay taxes on the money in the year you made the contribution as the money was part of your earned income.

With a traditional IRA you take a deduction for the contribution off of you 2017 taxes, BUT you must pay taxes on the withdraws you make in the future.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

(Please do not forget to rate me – click the five stars. It adds nothing additional to your costs, but it helps me greatly. Plus it is good Karma for you. Thank you.)

Ask Your Own Tax Question

The ROTH IRA is probably the best long term tax advnataged way to save and invest that we have ever had.

Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,104
Experience: Over 30 years of experience.
Verified
Gerald, Esq and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thanks.Glad I didnt put the $3,600 into the Roth.I left a 5 star and a 35%tip.

Thank you very much!

Ask Your Own Tax Question
Customer reply replied 1 month ago
Would I be able to open a standard IRA before the tax deadline and contribute the $3,600?I will leave you another tip.Thanks

YES!.

You can contribute to either before the tax filing deadline for the priot year. So you can contribute to the standard IRA and take the dedcution for the contribution.

To estimate your tax savings multiply the contribution by your tax bracket.

So if you are in the 15% bracket your tax savings will be approximately $540.00 (roughly).

If that is significant then do the standard IRA. If you would rather that money grow and NEVER pay taxes again on that money do the Roth.

Thank you for your generosity.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks.We apparently make too much and we can only claim our daughter for 2017,with no other write offs.Ok then,Ill check with ***** *****cock Investments where I have the Roth and see about opening a standard IRA.Thanks again

Good luck.

Ask Your Own Tax Question
Was this answer helpful?
Ask Gerald, Esq Your Own Question
Gerald, Esq
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,104
5,104 Satisfied Customers
Experience: Over 30 years of experience.

Gerald, Esq is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Are non Roth and Roth IRA contributions reported on your tax
Are non Roth and Roth IRA contributions reported on your tax return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Quick $5 yes-or-no tax question: I know that a Roth IRA
I know that a backdoor Roth IRA requires that I file a form 8606.My questions does a backdoor 401(k) Roth contribution require I file a form 8606. Even though the initial non-deductible contribution and the rollover conversion occur within the 401k (no outside IRA involved), 1099-R and 5498 forms were still generated. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Does Massachusetts tax Roth IRA distributions if the
Does Massachusetts tax Roth IRA distributions if the contributions were made in NY while a NY resident and withdrawn years later while a Massachusetts resident.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I accidentally contributed to traditional IRA in addition to
Second opinion] I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed wh… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I accidentally contributed to traditional IRA in addition to
I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed when I withdraw mo… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
A taxpayer converts a Traditional IRA to a Roth IRA and
A taxpayer converts a Traditional IRA to a Roth IRA and receives a 1099R for 68,333. Her basis in the Traditional IRA is 58,500. None of the 58,500 was deducted on her return as she participated in a … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Turbo tax says that we cant deduct an an traditional ira
turbo tax says that we cant deduct an an traditional ira because we made over 196,000 We didnt make that much. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do Churches have to report Roth IRA contributions of
Do Churches have to report Roth IRA contributions of employees? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Lane, If a tax payer contributed 40,000 to a Roth IRA, and
Lane,If a tax payer contributed 40,000 to a Roth IRA, and did a complete distribution for 50,000 early code J. How much of that is taxable for Massachusetts tax purposes? For Federal 10,000 should be … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Q. How to apply Financial Advisers Fees for Roth IRA,
Q. How to apply Financial Advisers Fees for Roth IRA, Personal Investment, Conventional IRA .....? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have a question on back door roth ira. I want to talk to
I have a question on back door roth ira. I want to talk to someone on the phone. But I need that person to be patient.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I converted $10k from my Traditional IRA to a Roth IRA in
I converted $10k from my Traditional IRA to a Roth IRA in December 2017. The goal was to pay taxes up to the 15% bracket. I ended up converting about $3500 too much and now need to recharacterize that… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Question in regards to roth IRA distribution and taxes. Roth
question in regards ***** ***** IRA distribution and taxes. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
I am trying to move about $125k from a traditional IRA that
I am trying to move about $125k from a traditional IRA that is 100% deductible/post tax to a 401k. The plan was to then make a $5,500 non-deductible (after tax) contribution to a Traditional IRA, and … read more
taxmanrog
taxmanrog
Master\u0027s Degree
904 satisfied customers
Are adr fees in a roth ira or an ira deductible, as
are adr fees in a roth ira or an ira deductible, as investment expenses? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
I am thinking of converting my traditional IRA to a Roth IRA
I am thinking of converting my traditional IRA to a Roth IRA and I am trying to figure out what tax rate is used in the conversion. My ordinary inocme, excluding cap gains and dividends, with be negat… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x