This is probably a really simplistic question for most of you, but I'm new to all this. First off, I'm a second year peds resident. I started making contributions to my Roth IRA in April of last year, when I had finally managed to fully fund my emergency fund. I set it up for automatic deductions every month at an amount that would give me the maximum contribution in a year. However, because I started late, I am about $1400 short of the $5500 maximum for 2015.
I understand that contributions can continue to be made through April 18, 2016 for the 2015 tax year, so I will reach the maximum. I don't understand how this gets factored into my tax return, given that I'm trying to file it in February and not April. The 5498 my bank sent me is through the end of 2015, with a note saying that if I make additional contributions by April 18th, I'll be sent a new one in May. If I finish funding for 2015 prior to filing my tax return, and then fully fund my 2016 IRA before Dec 31*, will all of the contributions be listed for 2016 tax year? Or will it only show contributions after April 18th, even if some of the contributions are intended for the 2016 year? When filing my taxes, do I just anticipate how much I am going to contribute if I haven't contributed it all yet?
*I am going to hold my Roth IRA contributions in 2017 for many reasons, including the fact that I need to save up for my board exams, licensing fees, potential moving expenses, etc, and am not sure I will be eligible to contribute with a rise in salary.
I understand that contributions can continue to be made through April 18, 2016 for the 2015 tax year, so I will reach the maximum. I don't understand how this gets factored into my tax return, given that I'm trying to file it in February and not April. The 5498 my bank sent me is through the end of 2015, with a note saying that if I make additional contributions by April 18th, I'll be sent a new one in May. If I finish funding for 2015 prior to filing my tax return, and then fully fund my 2016 IRA before Dec 31*, will all of the contributions be listed for 2016 tax year? Or will it only show contributions after April 18th, even if some of the contributions are intended for the 2016 year? When filing my taxes, do I just anticipate how much I am going to contribute if I haven't contributed it all yet?
*I am going to hold my Roth IRA contributions in 2017 for many reasons, including the fact that I need to save up for my board exams, licensing fees, potential moving expenses, etc, and am not sure I will be eligible to contribute with a rise in salary.
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