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No IRA for me

February 5th, 2015 at 03:44 am

Theoretically I have several options this year for filing taxes, either fully fund a traditional IRA and get back around $1,700, fund half and get back around $750, or do nothing and get back around $100. However, realistically I only have one; the one that keep the most cash on hand. Last year last minute contribution to 2013 Roth IRA seriously depleted my cash reserve. Plus the 3k I'm currently floating on CC with 0% interest means the cash situation is a bit risky. So yeah, bummer.

On another note, I can't believe I wasted half a night of precious sleep to read up on the petty back and forth between Katy Perry and Taylor Swift.

3 Responses to “No IRA for me”

  1. creditcardfree Says:

    Do you have a plan to fund a Roth for 2015? Are you investing in a retirement plan at work? I have found it easier to save automatically monthly. Some is taken from my husband's check each pay period, the rest is withdrawn from our bank account and invested into our Roth IRAs at Vanguard. I just have remember to record it each month in our checkbook.

  2. doingitallwrong Says:

    Remember you have until April 15 to make a 2014 IRA contribution. You could do a mega-snowflake challenge and see how much you can save for a contribution, and then file an amended return.

  3. FS Says:

    @creditcardfree: Despite my low tax rate, I no longer fund Roth for various reasons. It's highly doubtful at this point but if the cash situation improves by the end of the year and the refund looks good, I may consider a traditional IRA for 2015. I already contributed 25% of my salary to a decent 401k at work so this is just me wanting to get my tax money back to fund my retirement instead.

    @doingitallwrong: An amended return sounds good. I never file one before and would have to look into it, but I don't think I'll be able to resolve this cash crunch until the end of the year at the least.

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