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Tax filing question: IRA contributions?

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Tax filing question: IRA contributions?

Old 02-15-05, 04:12 PM
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Tax filing question: IRA contributions?

I know that you can contribute to an IRA for a given year up to April 15. But what if you do scheduled contributions to an IRA (like on the 10th of each month like I do)?

Should I just wait until after April 10 to get my last scheduled IRA contribution for 2004 and then get the taxes submitted before April 15? Is there no easier way to do this? I'd like to just get em done but I'll wait if I have to...

What do you do to max out your IRA contributions for the year?
Old 02-15-05, 04:21 PM
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For the future, I'd adjust my contributions to be done for the year by December. (or maybe January, since W2s don't get mailed until then)
Old 02-15-05, 04:51 PM
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If it's an ongoing contribution (month after month, year after year) I would just take it based on the Jan to Dec calendar instead of trying tricks w/ contributing this year to last year's IRA. The only exception would be if you want to do a "make up" contribution to max out last year's contribution (so if you only contributed $150/mn which is $1800 total sending in a $1200 check to get to the $3000 max [don't forget the max this year goes up to $4k ]) but I would handle that separately and not as part of the ongoing contribution.

BTW it's also my understanding, and I'm sure someone will correct me if I'm wrong, you can file the taxes based on what your contributions will be, but the contributions don't have to be submitted before sending in your taxes. You just better make sure you actually do what you said you were going to do and send in the money

Last edited by nemein; 02-15-05 at 04:55 PM.
Old 02-16-05, 10:06 AM
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Well my ongoing contribution is something I need to maintain each month through Direct Deposit so I get the IRA fees waived. Maybe I should wait until after April 10 and before April 15 to get em done and get the last contribution?
Old 02-16-05, 10:57 AM
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Well my ongoing contribution is something I need to maintain each month through Direct Deposit so I get the IRA fees waived. Maybe I should wait until after April 10 and before April 15 to get em done and get the last contribution?
Yes but contributions made now can just as easily apply to this year's taxes (to be filed next year). I guess it all depends upon what calendar you want to run on really. The major thing is to make sure you max out each year (if possible) and that tax filing doesn't depend upon the money actually being sent as long as it is done before 15 April. Just make sure the people who are making the automatic contribution know which tax year the contribution is for

http://www.irs.gov/publications/p590/ch01.html#d0e1544
Filing before a contribution is made. You can file your return claiming a traditional IRA contribution before the contribution is actually made. However, the contribution must be made by the due date of your return, not including extensions.
Old 02-20-05, 04:07 AM
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Has anyone ever received a form 5498 showing your yearly IRA contributions like getting a W2? I heard these things dont come out till late May...so what good do they do if we have to file by April 15?
Old 02-20-05, 06:59 AM
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Has anyone ever received a form 5498 showing your yearly IRA contributions like getting a W2? I heard these things dont come out till late May...so what good do they do if we have to file by April 15?
They are for your records in case you get audited. Since you have until 15April to contribute it's not possible to send them out before hand.

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