s/o Roth IRA post

[hz80408]

To open a Roth IRA, is there a tax benefit to doing some before 1/1/2013?

[Deleted]

No -- you have until April 15, 2013 to make contributions for 2012.

[aspentosh]

Nope. It's post-tax so there are no tax benefits.

[SJ]

There are no tax deductions either way, although I would say that there are tax benefits (because the funds grow tax free, etc.).

You can contribute up to $5,000 for 2012 any time up until 4/15/2013, and you can contribute up to $5,500 for 2013 any time between 1/1/13 and 4/15/14.

[ondaflipside]

Dec 6, 2012 14:30:02 GMT -5 SJ said:

There are no tax deductions either way, although I would say that there are tax benefits (because the funds grow tax free, etc.).

You can contribute up to $5,000 for 2012 any time up until 4/15/2013, and you can contribute up to $5,500 for 2013 any time between 1/1/13 and 4/15/14.

Yay!

[hz80408]

thank you!

[hamster]

Dec 6, 2012 14:30:02 GMT -5 SJ said:

There are no tax deductions either way, although I would say that there are tax benefits (because the funds grow tax free, etc.).

You can contribute up to $5,000 for 2012 any time up until 4/15/2013, and you can contribute up to $5,500 for 2013 any time between 1/1/13 and 4/15/14.

Wait, the limit increased? We just started maxing them out!
**shakes fist but realizes it's for the best***

[aspentosh]

Dec 6, 2012 14:30:02 GMT -5 SJ said:

There are no tax deductions either way, although I would say that there are tax benefits (because the funds grow tax free, etc.).

You can contribute up to $5,000 for 2012 any time up until 4/15/2013, and you can contribute up to $5,500 for 2013 any time between 1/1/13 and 4/15/14.

You're absolutely right. My wording was poor!