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I've filed my taxes for 2013 already and my wife and I have received our refund. We are under $181,000 MAGI for 2013 and expect to be below it in 2014. I have a work sponsored 401k retirement plan, she does not. She has a traditional IRA. It's before April 15th and I'd like to open a Roth IRA for myself and drop $5,500 into it to cover the 2013 limit.

  1. I don't think I'll have a problem opening it - I'm under the limit and only have a 401k that my employer contributes to. Is there anything else I need to consider from an eligibility perspective?

  2. I've already filed my taxes for 2013. How do I make a contribution to a new account for 2013? Is there a special process?

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  • You need to be under $178,000 to be able to make a full $5500 contribution to Roth IRA for 2013.
    – user102008
    Feb 10, 2014 at 8:48

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So long as you are certain you are permitted to do so, go ahead. Tell your Bank/Broker the deposit is for 2013. I like to cite the form to use. But you can see above, the form is just a worksheet in the tax software and the Roth deposit doesn't flow back as it's not a deduction.

In other words, had you done this before filing, the return you submit would be identical. This 'keep for your records' form changed.

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  • I was aware that a Roth IRA doesn't modify the deduction, but I didn't realize the gov't didn't keep track of this as part of the filing. I assumed that they enforced the limit themselves. Good to know, thanks!
    – MDMarra
    Feb 9, 2014 at 15:52
  • Readers should keep in mind, "conversions to Roth" are taxable, and are reported. As are traditional IRA deposits declared for tax deduction or to track post tax deposits.
    – JTP - Apologise to Monica ♦
    Feb 9, 2014 at 16:09

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