[net.taxes] IRA contributions deadline

cwc@mhuxd.UUCP (Chip Christ) (02/26/84)

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I believe that one's IRA contribution for the tax year in which he/she
is claiming a deduction must be made PRIOR TO FILING the return.

					Chip

steveg@hammer.UUCP (Steve Glaser) (03/04/84)

You can contribute to an IRA for tax year 1983 up until the time you
would be required to file your 1983 taxes by - which for most of us is
April 15, 1984.  If you get an extention, or you run on a different
tax year for some strange reason, the date would be differnt.

It is perfectly legal to invest your tax refund in an IRA and deduct
that IRA contribution on the 1040 that got you the refund.  Only hitch
is that if your refund doesn't show up in time, you will have to come
up with the money for the IRA some other way or file an ammended return
and pay penalties and interest.  Also, you probably need to allow
enough time for your IRA trustee to record the investment before the
April 15th deadline.

You might be able to use the "automatic filing extention" stuff to help
out (say if the source of funds for your IRA contribution is delayed),
but I'm not sure how much of that would work.

	Steve Glaser
	tektronix!steveg
	steveg.tek@rand-relay