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DansDeals Forum => Credit Cards And Finance => Topic started by: qwerty123 on March 15, 2021, 08:46:58 AM

Title: Taxes
Post by: qwerty123 on March 15, 2021, 08:46:58 AM
Has anyone filed taxes before march 5th and still processing?
Title: Re: Taxes
Post by: simple26 on March 15, 2021, 06:34:22 PM
Has anyone filed taxes before march 5th and still processing?
This is being widely reported
Title: Re: Taxes
Post by: zh cohen on March 17, 2021, 01:40:33 AM
Filed on March 1st. Just got a notification that my NY state was accepted and sent out, but nothing from federal yet.
Title: Re: Taxes
Post by: simple26 on March 17, 2021, 03:24:18 PM
https://www.dansdeals.com/more/coronavirus/tax-day-likely-moved-may-17th/
Title: Re: Taxes
Post by: Fish Tank on March 17, 2021, 03:50:44 PM
https://www.dansdeals.com/more/coronavirus/tax-day-likely-moved-may-17th/
Does this extension also apply to the deadline for 2020 IRA contribution?
Title: Re: Taxes
Post by: Lou Bob on March 17, 2021, 04:17:01 PM
https://www.dansdeals.com/more/coronavirus/tax-day-likely-moved-may-17th/
Shavuos
Title: Re: Taxes
Post by: qwerty123 on March 18, 2021, 12:24:26 PM
This is being widely reported
yes is saw that. Just interesting the some people that filed after me have already processed
Title: Re: Taxes
Post by: Fish Tank on March 30, 2021, 11:50:33 PM
Does this extension also apply to the deadline for 2020 IRA contribution?
Answer: Yes it does.

HT: cgr
Title: Re: Taxes
Post by: Mordyk on March 31, 2021, 12:03:09 AM
Answer: Yes it does.

HT: cgr
Source?
Title: Re: Taxes
Post by: Kobe Bryant on March 31, 2021, 12:07:38 AM
Does this extension also apply to the deadline for 2020 IRA contribution?
Yes.  One can fund up to 12K for both spouses (Under 50 YO) for 2020 until the tax deadline (which will also lower AGI if eligible for TIRA)
Title: Re: Taxes
Post by: Kobe Bryant on March 31, 2021, 12:11:09 AM
Source?

 Here’s one  (https://www.fidelity.com/retirement-ira/contribution-limits-deadlines)
Title: Re: Taxes
Post by: Fish Tank on March 31, 2021, 12:22:11 AM
Yes.  One can fund up to 12K for both spouses (Under 50 YO) for 2020 until the tax deadline (which will also lower AGI if eligible for TIRA)
What's TIRA? Traditional IRA?
Title: Re: Taxes
Post by: elazarmn on March 31, 2021, 12:32:40 AM
You can fund a TIRA after processing your return?
Title: Re: Taxes
Post by: Kobe Bryant on March 31, 2021, 12:40:12 AM
What's TIRA? Traditional IRA?
Correct
Title: Re: Taxes
Post by: Kobe Bryant on March 31, 2021, 12:48:41 AM
You can fund a TIRA after processing your return?
One would need to amend the return using IRS Form 1040-X. For a RIRA there would be no need to amend.
Title: Re: Taxes
Post by: Fish Tank on March 31, 2021, 01:16:35 AM
Correct
Got it.

RIRA won't lower AGI? Only TIRA will?
Title: Re: Taxes
Post by: Kobe Bryant on March 31, 2021, 08:56:54 AM
Got it.

RIRA won't lower AGI? Only TIRA will?
Correct.
Title: Re: Taxes
Post by: Fish Tank on March 31, 2021, 09:22:29 PM
Correct.
Can you post a link/source please?

I cant find this distinction anywhere online.
Title: Re: Taxes
Post by: JunkYardUnz on March 31, 2021, 10:13:50 PM
Can you post a link/source please?

I cant find this distinction anywhere online.
Roth IRA uses post tax dollars so it will not impact you AGI. Traditional IRA uses pre tax dollars so it will lower your AGI.
Title: Re: Taxes
Post by: Fish Tank on March 31, 2021, 10:36:00 PM
Roth IRA uses post tax dollars so it will not impact you AGI. Traditional IRA uses pre tax dollars so it will lower your AGI.

Okay. Makes sense. Ty. I guess I'll just do a backdoor Roth IRA to lower my MAGI.

Is there an IRA thread somewhere on ddf?