gmv@cblpe.UUCP (Mike Vrbanac) (09/30/86)
I am in our company saving plan, withdraw yearly, get a check late February and put part of it in an IRA *for the previous tax year*. So the question is: will I still be able to contribute to an IRA in March of 1987 and make it applicable to the 1986 tax year? Should I play it safe and borrow some bucks and make the contribution in 1986? thanx, -- +--------------+------------------------+-----------------+ | Mike Vrbanac | AT&T Bell Laboratories | Columbus, Ahiya | +--------------+------------------+-----------------------+ | Unix: {cbosgd|ihnp4}!cblpe!gmv | CompuServ: 76054,113 | +---------------------------------+-----------------------+
ask@cbrma.UUCP (A.S.Kamlet) (10/01/86)
In article <225@cblpe.UUCP> gmv@cblpe.UUCP (Mike Vrbanac) writes: >I am in our company saving plan, withdraw yearly, get a check late February >and put part of it in an IRA *for the previous tax year*. So the question >is: will I still be able to contribute to an IRA in March of 1987 and make >it applicable to the 1986 tax year? Should I play it safe and borrow some >bucks and make the contribution in 1986? >thanx, Yup! And the interest you pay in 1986 for those borrowed funds are deductible on your '86 return. (Interest paid in '87 won't be deductible.) -- Art Kamlet AT&T Bell Laboratories Columbus {cbosgd | ihnp4}!cbrma!ask