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I worked for about half of 2017 and then retired and started collecting pension and SS payments. During the working half, a percentage was going to a 401K, but no $ to my IRA. Prior to filing my 2017 return, can I still make a deposit to my IRA which would reduce my taxable income from last year? I've heard that up to $6500 is allowed to be deposited and if done before April 15th, it is treated as though it applies to last year's earned income. True? False? Thanks.
 
Posts: 1179 | Location: NE Indiana  | Registered: January 20, 2011Reply With QuoteReport This Post
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Picture of Sailor1911
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Presuming that you meet the qualifications for a deductible IRA contribution, yes you can make a contribution up until the filing deadline (or the date you file, if earlier) and consider it a prior year (2017) contribution.




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Posts: 3762 | Location: Wichita, Kansas | Registered: March 27, 2011Reply With QuoteReport This Post
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Try here for qualifications.


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Posts: 9039 | Location: Northern Virginia | Registered: November 04, 2005Reply With QuoteReport This Post
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quote:
Originally posted by Sailor1911:
Presuming that you meet the qualifications for a deductible IRA contribution, yes you can make a contribution up until the filing deadline (or the date you file, if earlier) and consider it a prior year (2017) contribution.


This.

One thing - make sure the fund administrator knows 100% they are for tax year 2017! I sent a couple checks out in 2018 for tax year 2017 and - EVEN THOUGH I designated them 2017 - they were deposited as 2018 contributions. I was able to get it straightened out.

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Posts: 8940 | Location: Florida | Registered: September 20, 2004Reply With QuoteReport This Post
Don't Panic
Picture of joel9507
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quote:
Originally posted by Sig209:
make sure the fund administrator knows 100% they are for tax year 2017

Yep.

They should be old hands at this. Usually there's a checkbox on the deposit form/website. If not, check with their customer support folks.
 
Posts: 15027 | Location: North Carolina | Registered: October 15, 2007Reply With QuoteReport This Post
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Yes, but you can't put in more than you earned.
 
Posts: 4010 | Location: North Carolina | Registered: August 16, 2003Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
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I got no advice. Just congratulations on your retirement and even being able to stash more money into your 401k



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 19659 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
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