Confused why I can still make ROTH IRA contributions for 2022 tax year until April 2023?

If I already filed my 2022 taxes in February, can I still make 2022 Roth contributions in March? Would I need to file an amended return? Also, does my brokerage need special instructions to know which tax year I'm contributing for?

Yes, you can absolutely still make 2022 Roth IRA contributions even after filing your 2022 taxes. The good news is you typically don't need to file an amended return, since Roth contributions aren't deductible on your tax return anyway (unlike Traditional IRA contributions which might require amendments). When making the contribution, your brokerage will definitely need to know which tax year you're designating it for. There's usually a dropdown menu or field where you specify "2022" versus "2023" contribution when making the deposit online. If you're sending a check, write "2022 Roth IRA Contribution" in the memo line. If you're unsure, call your brokerage directly - they handle this routinely during tax season.

How does taxr.ai handle the income phaseout limits for Roth IRAs? My situation is complicated because I have some side income along with my regular job, and I'm never sure exactly where I fall in the eligibility range.

I'm a bit skeptical about using online tools for tax advice. How accurate was it compared to what a CPA would tell you? Did it catch any of the weird edge cases like the fact that you might need to reduce contributions if you also have a workplace retirement plan?

It handles the income phaseout calculations really well. You just upload your income documents (W-2s, 1099s, etc.) and it automatically calculates where you fall in the phaseout range and tells you your exact contribution limit. It even accounts for your filing status which affects those thresholds. As for accuracy, I was skeptical too at first. My situation was complicated with multiple income sources, and I actually had my accountant verify the numbers. The results matched exactly what my accountant calculated. It definitely caught the workplace retirement plan details and asked specific questions about that. What impressed me was how it explained everything in plain English instead of tax jargon.

How does this Claimyr thing actually work? The IRS phone system is literally the worst thing I've ever experienced. I tried calling 6 times last month and gave up. Does this actually get you past that ridiculous phone tree?

This sounds like a scam. Why would I pay a third party when I can just call the IRS directly? And how do they have "special access" to IRS agents when the rest of us are stuck on hold? I'm extremely doubtful this works as advertised.

It essentially automates the waiting process. Instead of you sitting on hold for hours, their system navigates the IRS phone tree and waits in the queue. When they finally reach an agent, you get a call connecting you directly. It basically handles all the frustrating hold music and transfers. I had the exact same skepticism you do. I thought, "how is this even possible?" But after waiting on hold for 2+ hours myself multiple times, I decided to try it. The system called me back in about 45 minutes with an actual IRS agent on the line. They don't have "special access" - they're just using technology to handle the waiting part so you don't have to waste your day.

Wait, what if I already contributed to my employer's 401k? Does that reduce how much I can put in my Roth IRA? And do rollovers from previous employer 401ks count against the contribution limits?

Contributing to your employer's 401k doesn't reduce how much you can put in your Roth IRA. The limits are completely separate, so you can max out both if you have the funds. For 2022, you could contribute up to $20,500 to your 401k AND still put $6,000 in your IRA. Rollovers from previous employer 401ks to an IRA don't count against your contribution limits at all. You can roll over any amount without affecting your ability to make your annual IRA contribution. That's actually a great way to consolidate your retirement accounts without using up your yearly contribution space.

So true! My Vanguard account defaults to the current year unless I specifically select the previous year. Does anyone know if there's a way to fix this if you realize the mistake after a few months? Like if I contributed in February but just now realized it went to the wrong tax year?

If you catch the mistake within the same tax year, you can usually get it fixed by calling your brokerage. They have a process for redesignating contributions to the correct tax year. But there's a deadline - you can't redesignate after the tax filing deadline (April 18th this year). If you discover it after the deadline passed, it gets much more complicated. You might face excess contribution penalties if the mistaken designation put you over the limit for a year. Some brokerages will work with you on this issue, but it's always best to triple-check the year designation when making contributions between January and April!