Stimulus check deposited to Roth IRA
If i deposit my stimulus check in my Roth IRA, will i be able to take a tax deduction for the deposit? If so, will i still be able to take the deduction for the 2019 tax year since the due date was pushed back? Thank you
Terry Says
Wait — you have a LOT of facts wrong! First, no one gets a deduction for a contribution to a ROTH IRA!
Second, if you make a contribution to a traditional IRA, you must have EARNED INCOME (not dividends, pension or Social security) in order to take a tax deduction.
Finally, you have until the due date of your tax return (now July 15th) to make a deductible contribution to your 2019 TRADITIONAL (not Roth) IRA — if you qualify based on the above!
And it doesn’t matter where the money came from –as long as you had the earned income.
