I would like to contribute $2000 to my Roth IRA and designate the contribution for the 2010 tax year. I would also like to know just how it works and how to do it.
I know that designating this for the 2010 tax year will allow me to contribute another $5000 this year (on the 2011 tax year). Is that the only advantage of designating it for 2010?
More specifically: I will be moving up to a higher tax bracket for the 2011 tax year. Does designating the contribution for the 2010 tax year save me any tax money?
How do I designate this contribution for the 2010 tax year? Do I need to account for this on my 1040 form (or an attached form/schedule) for my 2010 or 2011 tax return?