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ER and IRA contributions
Old 05-07-2020, 02:26 PM   #1
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ER and IRA contributions

I admit that since I was planning on retiring early many years ago I left my Roth IRA almost abandoned. I have contributed only 4-5 years since opening it back in 2005. Needless to say my past year low/high are only 24K-32K. I had planned on needing the money at ER so I didn't contribute. Fast forward to now and I don't anticipate needing it when I retire so I am going back to contributing. I will probably consider a side job or part time work to continue contributing after retirement. I will be 45 with a pension so that helps. I'm planning on doing a rollover with my Roth TSP at that time as well so I can have it built up a little more.

Anyone in a similar situation? What did you do?

Also, I can't find the IRS official reference for extending 2019 contributions to 15 July, but it is all over the investment sites. Is there anything official? I'm dropping last year and this years in if I can.
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Old 05-07-2020, 02:51 PM   #2
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Originally Posted by fisemper View Post
Also, I can't find the IRS official reference for extending 2019 contributions to 15 July, but it is all over the investment sites. Is there anything official? I'm dropping last year and this years in if I can.
https://lmgtfy.com/?q=irs.gov+ira+co...ded+to+july+15

From https://www.irs.gov/newsroom/filing-...s-and-answers:

"Q. Does this relief provide me more time to contribute money to my IRA for 2019?

A. Yes. Contributions may be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)."
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Old 05-07-2020, 02:55 PM   #3
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Originally Posted by SecondCor521 View Post
https://lmgtfy.com/?q=irs.gov+ira+co...ded+to+july+15

From https://www.irs.gov/newsroom/filing-...s-and-answers:

"Q. Does this relief provide me more time to contribute money to my IRA for 2019?

A. Yes. Contributions may be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)."
Perfect!
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Old 05-07-2020, 03:10 PM   #4
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Since Roth IRA contributions can be taken out at any age, tax and penalty-free, I've continued to maximize contributions to my ROTH IRA. Now that I'm almost at FIRE, my original plan of tapping contributions early won't be executed...just allowing this to grow tax-free for the next 5 years until I can take out even earnings tax and penalty-free (age 59.5).
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Old 05-07-2020, 09:12 PM   #5
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... Also, I can't find the IRS official reference for extending 2019 contributions to 15 July, but it is all over the investment sites. Is there anything official? I'm dropping last year and this years in if I can.
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Quote:
Originally Posted by fisemper View Post
Perfect!
I'm not sure if you got the point.
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Old 05-07-2020, 11:01 PM   #6
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I'm not sure if you got the point.
Either way I am easily amused.
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Old 05-08-2020, 05:47 AM   #7
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I'm not sure if you got the point.
It was what I was looking for.
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Old 05-08-2020, 02:11 PM   #8
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It was what I was looking for.
Likewise.
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