Traditional Ira
A CPA told a client that their Traditional Ira needed to be set up by the 15th but because of the tax extension wouldn’t we have until the 18th? Also don’t they go by the postmark on the envelope?
A CPA told a client that their Traditional Ira needed to be set up by the 15th but because of the tax extension wouldn’t we have until the 18th? Also don’t they go by the postmark on the envelope?
Permalink Submitted by Alan - IRA critic on Fri, 2017-04-14 20:38
The deadline is the 18th this year. The postmark rules do apply per IRS, however a custodian is not bound by the postmark rules. In other words, they could accept a contribution postmarked by the IRS by the 18th but not received for two weeks, but they do not have to. Most custodians will use the postmark rules, at least till the date they close their books on 2016 contributions and send out the 5498 forms.