[net.taxes] IRA deduction vs. deposit date query

tcb (01/22/83)

A recent article in Consumer's Digest claims that you have untill
August 1983 to actually deposit $2,000 claimed as an IRA deduction.
The instructions that came with my 1040, however, say that the
$2,000 must be deposited before the date the return is DUE.  That
of course is April 15.  Can anyone offer any collaboration for the
CD article?  This would be great for anyone with a sizable refund,
since they could make it even bigger by claiming the deduction, and
waiting for the refund to arrive to make the actual deposit, or so
it seems.
			Tom Ballister
			..houxm!wb2!tcb

jwb (01/23/83)

You can get an automatic extension of the April 15 deadline by filling
out a form and paying an any estimate of the tax due.  I thought it was a
2 month extension, however.  Since the due date changes in this circumstance,
the IRA date changes.  There is even a scheme of requesting the extension,
filing the return now, and then using the refund to open the IRA.
                        Jack Buchanan
                        duke!mcnc!jwb