As usual, I have procrastinated on my taxes until the last minute.
My taxes are actually pretty straightforward and I entered all of the info into turbot@x late Sunday night. At the moment my federal return is $107 and state return is $16. It’s pretty much a wash since the cost of filing is about $90!
The reason I always wait so long to actually file is because I can never decide if I should contribute to an IRA. And, if I do, which one should I choose – traditional or Roth? I already contribute a lot of money through my work retirement plan. I just did some research and discovered that between my paycheck deductions and my employer contributions, a total of $38,479.08 went into my retirement account during 2016. I think my salary is just shy of $70K. Seems like a substantial amount!
But, then I wrestle with the IRA contribution. I have a very small ($15,726) Roth account because I usually contributed to a Traditional IRA in order to get the tax break. That account is fairly small, too ($70,188), considering the number of years that I’ve had it, because I never took the time to properly invest the money. 
I’d probably be able to retire at this point, if I had done so!
So, the question is, do I put money into my Roth IRA (up to $6500 since I’m over 50) so that I have a bit more non-taxable income to draw on when I’m older? Or should I use the money for house projects and other current needs/wants rather than putting so much towards retirement? I could also contribute to the Roth and decrease my 2017 retirement contributions through work if I decide that I need more cash flow this year.
Definitely not a problem to complain about, I just feel confused each year by the decision and it weighs on me until I finally make a choice at the last minute. In the end, it really doesn’t matter what I choose to do…life will go on either way.
I just called the firm that manages my retirement accounts and found out that I have until 10p tonight to make a contribution. Now I can procrastinate all day! I also found out that I contributed $1700 to my Roth and $300 to the traditional for 2015 (on April 15th, of course!). Seems kind of random!
Each year, I think about setting up a monthly auto deduction in order to avoid this situation, but then I forget to do it.
Hope everyone else is long done with their taxes and can enjoy the day! 
tax day decision
April 18th, 2017 at 02:01 pm
April 18th, 2017 at 03:22 pm 1492528938
I say this because you have $100k+ in cash and brokerage. I personally wouldn't put a penny in a taxable investment account until ROTHs were maxed out first. Unless you 100% knew you were going to use the money in the short-term. But if any uncertainty whatsoever, I'd take advantage of the tax shelter.
I guess I'd view it more as moving existing assets over to a tax shelter. Otherwise, I'd say that saving 50% of your income is more than enough. But you can be more tax efficient with your assets, so is why I recommend.
April 18th, 2017 at 03:46 pm 1492530399
April 18th, 2017 at 04:37 pm 1492533438
Here's a link that explains it: http://www.mymoneyblog.com/can-i-really-withdraw-my-roth-ira...
April 18th, 2017 at 04:52 pm 1492534355
April 18th, 2017 at 06:02 pm 1492538564
April 18th, 2017 at 11:36 pm 1492558582
April 21st, 2017 at 08:06 pm 1492805181
I take it you need a deadline to get you moving.