1986 IRA in 1987 query

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2 total messages Started by Mike Vrbanac Tue, 30 Sep 1986 12:29

#973

Author: Mike Vrbanac
Date: Tue, 30 Sep 1986 12:29

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I am in our company saving plan, withdraw yearly, get a check late February
and put part of it in an IRA *for the previous tax year*.  So the question
is: will I still be able to contribute to an IRA in March of 1987 and make
it applicable to the 1986 tax year?  Should I play it safe and borrow some
bucks and make the contribution in 1986?
thanx,
-- 

 +--------------+------------------------+-----------------+
 | Mike Vrbanac | AT&T Bell Laboratories | Columbus, Ahiya |
 +--------------+------------------+-----------------------+
 | Unix: {cbosgd|ihnp4}!cblpe!gmv  |  CompuServ: 76054,113 |
 +---------------------------------+-----------------------+

Re: 1986 IRA in 1987 query

#974

Author: A.S.Kamlet
Date: Tue, 30 Sep 1986 21:57

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In article <225@cblpe.UUCP> gmv@cblpe.UUCP (Mike Vrbanac) writes:
>I am in our company saving plan, withdraw yearly, get a check late February
>and put part of it in an IRA *for the previous tax year*.  So the question
>is: will I still be able to contribute to an IRA in March of 1987 and make
>it applicable to the 1986 tax year?  Should I play it safe and borrow some
>bucks and make the contribution in 1986?
>thanx,

Yup!  And the interest you pay in 1986 for those borrowed funds
are deductible on your '86 return.   (Interest paid in '87
won't be deductible.)
-- 
Art Kamlet   AT&T Bell Laboratories  Columbus  {cbosgd | ihnp4}!cbrma!ask

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