#BeReady: Your tax questions answered
Have a question about your taxes? CBS News financial analyst Jill Schlesinger has the answers.
Jared Stanley (@jaredstanley01): Traditional IRA vs Roth IRA? Seems Roth is a safer bet since I won't know what the tax rate will be in 30 years.
Jill Schlesinger: With the traditional IRA, you get a deduction today, but when you retire and you withdraw your funds, those funds are taxed at whatever your tax rate is at the time. With the Roth IRA, no deduction today, but in the future, no tax due either. What's really interesting about this is, if you think taxes are going to go higher in the future, then a Roth is better. If you think your income tax bracket is likely to go down in the future, then you might want to use the traditional.
April Bowen Worsley (@southernavril): Doing taxes for someone else and they lost a W2-G, but they know the amount and info. Can I proceed with the known info?
Jill Schlesinger: First things first. Go and try to get a duplicate of that W-2. If you know how much you earned, you don't necessarily need the actual W-2 with your return. Make sure you note it, certainly try to get a duplicate, but go ahead and file if they don't get one to you in time.
John W. Sanderson (@johnwsanderson1): Is the 120-day extension different than the auto filing extension?
Schlesinger: They are one and the same, but do go to the IRS.gov to read more about extensions and ways that you can pay the government.
Dianne Delage (@DiDelage): I am self employed. What's the best way to handle paying taxes during the year?
Schlesinger: One of the greatest things to do if you're self-employed is to set up a second account and make sure you pay those quarterly taxes along the way. You should have a good estimate after you file your returns. Get it done; get that done quickly.
Jenna P (@JPalm19): What's a good and easy site to use to file your taxes? Should you file jointly if you were just married or wait till next year?
Schlesinger: I certainly think that the IRS free file is great if you make less than $60,000. You can check other commercially done sites. Also, try to file jointly the year you are married.