Contributions in year of retirement

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Cara
Posts: 148
Joined: Wed Feb 28, 2018 1:02 pm

Contributions in year of retirement

Post by Cara »

I retired in August. If I made additional contributions to my Roth IRA *now,* would Vanguard or the IRS know that they were made when I was no longer earning? Or can I legit make them if I had earned income this year?
wetgear
Posts: 859
Joined: Thu Apr 06, 2017 10:14 am

Re: Contributions in year of retirement

Post by wetgear »

Cara wrote: Wed Oct 27, 2021 7:23 am I retired in August. If I made additional contributions to my Roth IRA *now,* would Vanguard or the IRS know that they were made when I was no longer earning? Or can I legit make them if I had earned income this year?
You can make them up until tax day next year, no issue.
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cflannagan
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Joined: Sun Oct 21, 2007 11:44 am
Location: Working Remotely

Re: Contributions in year of retirement

Post by cflannagan »

wetgear wrote: Wed Oct 27, 2021 7:27 am
Cara wrote: Wed Oct 27, 2021 7:23 am I retired in August. If I made additional contributions to my Roth IRA *now,* would Vanguard or the IRS know that they were made when I was no longer earning? Or can I legit make them if I had earned income this year?
You can make them up until tax day next year, no issue.
As long as OP is not phased out from being allowed to make Roth contributions, and only up to the amount of earned income for the year, etc. (just sharing this info for other readers to be on safe side)
wetgear
Posts: 859
Joined: Thu Apr 06, 2017 10:14 am

Re: Contributions in year of retirement

Post by wetgear »

cflannagan wrote: Wed Oct 27, 2021 7:30 am
wetgear wrote: Wed Oct 27, 2021 7:27 am
Cara wrote: Wed Oct 27, 2021 7:23 am I retired in August. If I made additional contributions to my Roth IRA *now,* would Vanguard or the IRS know that they were made when I was no longer earning? Or can I legit make them if I had earned income this year?
You can make them up until tax day next year, no issue.
As long as OP is not phased out from being allowed to make Roth contributions, and only up to the amount of earned income for the year, etc. (just sharing this info for other readers to be on safe side)
If phased out use Backdoor Roth contributions.
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