How Do I Report My Roth IRA Contribution?
Stupid small question: I contributed $2,000 to a Roth IRA in 1999. I know that I don't take a deduction for it, but I'm wondering how, or whether, to indicate on my tax form that I made the contribution.
-- Gerard Monsen
You are not the first person to ask this question and odds are good you won't be the last -- especially since Roth IRA rules are so convoluted, and no one has made any effort to make them any easier.
Home ImprovementsIn 1999, I spent more than $35,000 on renovating the kitchen, bathroom and basement of a 100-year-old house I own and dwell in. Can I write this off in any way? -- Paul Lee Paul, Sorry, you can't write off any of these expenses. But you can adjust your original cost basis in the home by the amount you spend to improve the property, says Bill Fleming, director of personal financial services for PricewaterhouseCoopers in Hartford, Conn. So add the $35,000 you spent on renovations to the original cost of the home. This will lessen the taxable gain when you decide to sell it. (See
Calendar TricksAs you know, April 15 falls on a Saturday, so your 1999 federal income tax return is not due until Monday, April 17 at midnight. But taxpayers in Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island and northern New York state have until April 18. Why? Because they mail their returns to the Internal Revenue Service center in Andover, Mass., where April 17 is a state holiday, Patriots Day. Good news? Only for taxpayers who just file a Massachusetts state return in addition to their federal return. Then both returns are not due until April 18. All other taxpayers still have to get their state returns in by April 17. And you can't prepare your state return without preparing your federal. So it's a lot of hoopla over nothing.
Send your questions and comments to
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts