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Started By
Message
Advice needed on Roth IRA
Posted on 2/15/12 at 9:00 am
Posted on 2/15/12 at 9:00 am
I recently attempted to invested $3,000 into my Roth IRA on December 30th so the amount would count towards my 2011 contributions. The problem is I was too late and the trasanction didn't post until Jan. 3rd due to the holidays.
My question is: Will this count towards my $5,000 investment limit for 2012, or is there some leadway since I requested the purchase in 2011. (I will want to max out the Roth IRA this year, but not pay any tax penalties for exceeding the $5,000 yearly limit).
My question is: Will this count towards my $5,000 investment limit for 2012, or is there some leadway since I requested the purchase in 2011. (I will want to max out the Roth IRA this year, but not pay any tax penalties for exceeding the $5,000 yearly limit).
4
Posted on 2/15/12 at 9:05 am to TIGERSby10
I think that you actually have until April 15 ... I'm no tax expert but that's how we've been told we can do it by our investment people. God help me if we've been doing it wrong for almost 15 years.
Posted on 2/15/12 at 9:08 am to TIGERSby10
I'm pretty sure you can count back to the previous year until March.
However, there are people here that know more about financial planning than I do.
However, there are people here that know more about financial planning than I do.
Posted on 2/15/12 at 9:22 am to TIGERSby10
quote:
The problem is I was too late and the trasanction didn't post until Jan. 3rd due to the holidays.
you have until April 15th
Posted on 2/15/12 at 9:25 am to TIGERSby10
You should be able to tell your financial institution which tax year you want that money put towards. I contribute monthly and won't finish 2011 until March
Posted on 2/15/12 at 9:29 am to tiger91
quote:I think this year it is April 16.
you actually have until April 15
quote:But this is also true for me.
I'm no tax expert
It should be on the IRS website.
Posted on 2/15/12 at 9:48 am to Tiger4
Yes, you have until April 15th. Tell them the deposit is for 2011. You can even still open a new IRA and fund entirely for 2011 before the deadline.
Posted on 2/15/12 at 12:51 pm to Maderan
quote:
Yes, you have until April 15th. Tell them the deposit is for 2011. You can even still open a new IRA and fund entirely for 2011 before the deadline.
This is correct.
If your financial institution recorded it as a 2012 contribution you can get it recharacterized to 2011, just call them and ask.
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