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Hey quick question about timing - can I still make a contribution to my Roth IRA for 2024 even though it's 2025 now? I just realized I didn't max out my contributions last year.
Yes, you can absolutely still make Roth IRA contributions for 2024! You have until the tax filing deadline (April 15, 2025) to make 2024 contributions. Just make sure when you make the contribution, you specifically tell your financial institution that it's for tax year 2024, not 2025. Most online systems have a dropdown or option to select which tax year you're contributing for during this period.
Just wanted to add something that might help other newcomers like myself - I was also confused about the contribution limits when I started my Roth IRA. For 2024, the contribution limit is $6,500 if you're under 50, or $7,500 if you're 50 or older (that extra $1,000 is called a "catch-up contribution"). Also, there are income limits for Roth IRA contributions. If you make too much money, you might not be eligible to contribute directly to a Roth IRA. For 2024, the phase-out starts at $138,000 for single filers and $218,000 for married filing jointly. Don't worry about reporting your contributions on your tax return though - everyone here is right about that. The beauty of Roth IRAs is their simplicity from a tax reporting perspective. You pay taxes upfront on the money you contribute, then it grows tax-free and you can withdraw it tax-free in retirement. Much simpler than trying to figure out Traditional IRA deduction rules!
This is super helpful, thank you! I had no idea about the income limits. I'm definitely under the $138k threshold as a single filer, so I'm good there. One follow-up question - when you mention paying taxes "upfront" on Roth contributions, that just means the money I'm contributing has already been taxed through my regular paycheck withholdings, right? I don't need to do anything special or pay additional taxes when I make the contribution? Also, is there a penalty if I accidentally contribute more than the $6,500 limit? I want to make sure I don't mess that up as I continue contributing throughout the year.
Lots of suggestions here but just want to point out - if ur working at Taco Bell part time, u might not be making enough to owe federal taxes at all, especially if its just a few hours a week. The standard deduction for 2025 is like $14,600 for single filers so if ur total income from both jobs is under that, you wouldn't owe federal income tax anyway.
This is incorrect advice. When you have two jobs, you need to combine the income from both to determine your tax liability. The standard deduction applies to your TOTAL income, not each job separately. Each employer doesn't know about your other job, which is exactly why this problem happens.
I went through this exact same situation last year with my two part-time jobs! The OASDI confusion is totally normal - most people don't realize that's just the fancy name for Social Security tax. Here's what I learned the hard way: you definitely need to be proactive about your withholding when you have multiple jobs. I ended up owing about $800 at tax time because neither employer was withholding enough federal tax. Each payroll system treats your job like it's your only income, so they calculate withholding based on just that one paycheck amount. My advice: grab your most recent paystubs from both jobs and add up what you'll make annually from each. Then use that total to figure out what tax bracket you'll actually be in. The IRS withholding calculator that Malik mentioned is great, but if you want something even simpler, just ask your Taco Bell manager to withhold an extra $30-50 per paycheck until you can get the exact numbers figured out. It's way better to get a refund than owe money you don't have!
This is really helpful advice! I'm in a similar situation with two part-time jobs and had no idea each employer calculates withholding like it's my only income. That explains so much! Quick question - when you say to ask for an extra $30-50 per paycheck, do you just tell your manager that amount or do you need to fill out paperwork? I'm nervous about talking to my boss about tax stuff since I'm still pretty new at Taco Bell.
Great question! I actually went through this same situation last year when I had to amend my return after moving. You should definitely use your NEW current address on the 1040-X form. The IRS needs to know where to reach you now, not where you used to live. When you file the amended return with your updated address, it automatically updates your address in their system, so you won't need to file a separate change of address form (though some people do it anyway for extra peace of mind). Just make sure you're clear in Part III about what you're actually amending - the address change itself isn't typically a reason to amend unless there are other errors you're fixing. The IRS will process the address update along with whatever other corrections you're making. One heads up - if you're mailing in a paper 1040-X, processing times have been pretty slow lately (12-20 weeks), so be patient. But using your current address ensures any correspondence or refund checks come to the right place!
This is really helpful, thanks! Quick follow-up question - when you say processing times are 12-20 weeks for paper amendments, does that timeline start from when they receive it or when they actually start working on it? I'm trying to figure out if I should expect my refund by a certain date or if it's just whenever they get around to it.
The 12-20 week timeline typically starts from when the IRS receives your amended return, not when they begin processing it. So if you mail it today, that's day 1 of the clock. You can actually track your amendment status using the "Where's My Amended Return?" tool on the IRS website - just enter your SSN, DOB, and ZIP code from the return. The refund timing depends on whether you owe money or they owe you money from the amendment. If you're getting a refund, it usually comes within a few weeks after they finish processing. If you owe additional tax, you'll get a notice with payment instructions. The IRS has been pretty backed up with paper processing since the pandemic, so unfortunately it's more of a "whenever they get to it" situation rather than a predictable timeline.
Just to add another perspective - I've been through this situation twice now (moved a lot for work). Always use your current address on the 1040-X, but here's something that might help: if you're worried about timing or want to be extra thorough, you can also call the IRS practitioner priority line if you have a tax professional help you, or use Form 8822 to officially change your address before filing the amendment. One thing I learned the hard way - if you're expecting any other IRS correspondence (like notices from your original return), make sure you set up mail forwarding with USPS from your old address. The IRS systems don't always update immediately across all departments, so you might still get some mail sent to your old address even after filing the 1040-X with your new one. Also, keep copies of everything! With the longer processing times for paper amendments, having your own records makes it much easier to track what's happening if you need to follow up later.
This is really solid advice! I'm dealing with a similar situation right now and the mail forwarding tip is golden. I almost missed an important notice from the IRS because it went to my old place even though I had already filed paperwork with my new address. USPS forwarding saved me from a potential headache. One question though - you mentioned the practitioner priority line. Do you know if there's a way for regular taxpayers to get faster phone support, or is that only available if you're working with a CPA or tax attorney? The regular IRS phone lines are absolutely brutal to get through.
PSA: Make sure ur using a real bank account not those prepaid cards. My cousin tried using cashapp and got rejected
good looking out! š
Been doing taxes for years and honestly the timing is all over the place this season. Got mine in 24 hours last week but my friend is still waiting after 6 days. The new security checks are definitely slowing things down. Pro tip: if you haven't gotten it by day 5, call and ask about any verification issues - sometimes there's a hidden flag on your account they don't tell you about.
StarSeeker
Is it possible you filed a different form entirely? When I first started filing taxes, I didn't even use a 1040 - I used the 1040EZ (back when that was still a thing). Maybe check if you have a different form?
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Sean O'Donnell
ā¢The 1040EZ doesn't exist anymore - they discontinued it after 2017. Everyone uses some version of the 1040 now. But you're right that it could be a different variant like 1040-SR for seniors.
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Ethan Brown
Hey! I had this exact same issue last year. If Line 11 is completely blank on your 2023 1040, there are a few things to check: 1. **Double-check you're looking at the right form** - Make sure it's actually a 2023 Form 1040 and not a different year or form variant. 2. **Look for "0" vs blank** - Sometimes a zero is printed so lightly it looks blank. Try looking at it under better lighting or zooming in if it's a PDF. 3. **Check your tax transcript** - The easiest way is to go to irs.gov, create an account, and request your 2023 tax transcript. It will show your AGI clearly labeled, even if your paper copy is confusing. 4. **Contact your tax preparer** - If someone else prepared your return, they should have a copy with the AGI clearly marked. Don't use Line 12 ($27,450) - that's your taxable income after deductions, not your AGI. Using the wrong number will definitely get your return rejected. The transcript method is probably your best bet since it comes straight from the IRS and will have the exact number they have on file for you.
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Yara Khoury
ā¢This is really helpful advice! I'm dealing with a similar situation and was getting worried about using the wrong number. The tax transcript option sounds like the most reliable way to get the correct AGI directly from the IRS. Quick question - how long does it usually take to get access to the transcript once you create an account on irs.gov? I need to file soon and want to make sure I have enough time to get the right information. Also, has anyone had issues with the IRS website verification process? I've heard it can be tricky to get through their identity verification sometimes.
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