Comments on: Contribution Deadline for IRAs

By: Andrea

Andrea — Sat, 21 Apr 2007 01:40:21 +0000

To make sure you didn’t forget about it later. Probably just a liability CYA that their attorneys made them put in.

By: Andrea

Andrea — Sat, 21 Apr 2007 01:38:30 +0000

Maggie,

You need to file an amended return and yes, will need to send back some of your refund .. unless there are some deductions that you missed that you can also correct on an amendment that would make up for it.

You can open an IRA now but the money would be a 2007 contribution. Won’t do you any good on your taxes this year but you’ll have a year of tax deferred returns that you won’t have if you wait until the last minute in 2008 – so that’s good, right?

By: Andrea

Andrea — Sat, 21 Apr 2007 01:33:56 +0000

Totally wrong – but Turbo Tax can sometimes be confusing. Well, the IRS tax code can be confusing, I guess Turbo Tax is only the messenger.

And you only have until April 17th – NOT EXTENSIONS.

By: maggie

maggie — Sat, 21 Apr 2007 00:33:54 +0000

I missed the deadline to make my IRA contributions!!! What are the next steps on resolving this problem? Do I give the refund back? or can I open one now? Please help.

By: thc

thc — Fri, 23 Mar 2007 02:14:13 +0000

IRA contributions must be made by your tax filing due date (April 17th this year) regardless of when you actually file. Extensions do not apply to IRA contributions. A postmark of April 17th is considered timely if you’re mailing a check to your financial institution. Hope that helps clear things up.

By: BudgetFreak

BudgetFreak — Thu, 22 Mar 2007 18:11:15 +0000

Hmmmm…. I hope NCN is right. I filed my 2006 taxes on February 23rd, and then opened up a ROTH IRA on March 10th and maxed out my contribution for 2006.

When I opened the account, they never asked me if I had filed my taxes yet. Should I be worried???

By: NCN

NCN — Thu, 22 Mar 2007 14:57:21 +0000

Jim..
I just spoke to an accountant friend and he assured me that I have until the 17th to
make contributions. Maybe TurboTax was just making sure that you were really going
to make those contributions? In fact, he said that I could open a new account after filing, and
then fund it, and it would be just fine…
NCN
(Again… I’m not a tax pro…)

By: jim

jim — Thu, 22 Mar 2007 14:47:39 +0000

Hmmm… I wonder why TurboTax warned me that I better have already made the contribution…

By: NCN

NCN — Thu, 22 Mar 2007 14:22:46 +0000

I just found this at the IRS site…
I THINK that you might be reading this wrong… check it out:

Quote:
Filing before a contribution is made: You can file your return claiming a traditional IRA contribution before the contribution is actually made. Generally, the contribution must be made by the due date of your return, not including extensions

My comment:
See… I think that the contribution must be made by the “due” date of your return (April 17?)…
The first line specifically says that you “can file your return claiming a trad. IRA con. BEFORE the con. is actually made…

I am NOT a tax dude.. but it really would be cool to get some clarification on this point!

By: NCN

NCN — Thu, 22 Mar 2007 14:15:15 +0000

Wow. Are you positive about this? I’ve never, ever heard this. I can understand with a Traditional, but with a Roth or an ESA? Hmm…
NCN