sam@rocksvax.UUCP (Sam Houston) (02/24/84)
x Question: Do I have to buy my IRA before April 16, 1984 if I have already deducted the amount from my 1983 taxable income (and filed the retturns)?? It would be nice to wait for the refund checks before buying. sam
stanwyck@ihuxr.UUCP (Don Stanwyck) (02/26/84)
According to my understanding of the IRA law, you must have made the deposit BEFORE filing, or April 16, which ever comes first. If you filed claiming you had an IRA, and in fact did have have one when you filed, if audited you may be socked for a considerable sum. Good luck. -- ________ ( ) Don Stanwyck @( o o )@ 312-979-3062 ( || ) Cornet-367-3062 ( \__/ ) ihnp4!ihuxr!stanwyck (______) Bell Labs @ Naperville, IL
wetcw@pyuxa.UUCP (T C Wheeler) (02/27/84)
You can buy or put money into an IRA before April 16th or before whatever extension you apply for. You can wait until you get your return to do this if you wish. You must, however, meet the deadlines no matter where the money comes from. For instance, you figure your tax refund to be $2000. You put this amount down as an IRA deduction(then refigure if you have to). File your taxes. When your refund comes in, put it in an IRA. Just make sure you get the money into the IRA before the last filing date. IRS could get upset if you don't. This was a new ruling from the IRS this year. See the Sylvia Porter columns on taxes over the past several weeks. She goes into this one quite deeply.
wetcw@pyuxa.UUCP (T C Wheeler) (02/27/84)
before the last Filing deadline (April 16th or any extension date).