Hey, guys! I've always gotten great value out of what's been posted here. Now it's time for me to finally ask a question of my own!
I've recently set aside some extra money (along with the new US government stimulus check) that I want to put away for my retirement. I read that I can still open up an IRA and contribute for the previous year 2019. I've read a couple other posts regarding this, but none seem to dive into the tax specifics.
Here's the general info you should know:
- I want to contribute to a Traditional IRA with Vanguard for the previous year
- I already filed my taxes with CreditKarma and got money back
- I took the standard deduction on my taxes, as it was more beneficial to me than itemizing
- The money I wish to contribute to the IRA wasn't deducted from my paycheck; it is just sitting in a savings account
A Vanguard advisor said I might need to fill out a 1040x form and/or a form called 8606, but I'm still confused. Could you advise me on what forms I need and what steps to take? I have my current completed tax forms on hand. Although not as important as my original question, I'd also be curious to know about how a Roth IRA would change the steps I would need to take regarding my completed taxes.
I'm happy to clarify any information if it would help you give me a more informed answer. Thanks so much for your help!
Submitted April 18, 2020 at 12:25AM by relientkguy https://ift.tt/2yqfnwq
