[net.taxes] 1986 IRA in 1987 query

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,
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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