ira contribution deadline
If a client has always depended on an advisor such as a CPA, Attorney or Investment Advisor to ensure a contribution is made before April 15th is there any Case Law or PLR information where the IRS has waived the contribution deadline if the missed contribution is made in a timely manner after it has been discovered that the advisor did not remind the client to make the contribution. I know there is such Case Law and PLR for similar situations where the advisor did not ensure an RMD was taken on or before a respective deadline and would think that there might be a history of waivers related to IRA contributions as well.
This situation exists with one of my clients currently so response in a timely manner would be appreciated.
Dave
Permalink Submitted by Alan - IRA critic on Wed, 2018-05-09 14:26
Am not aware of any such exceptions. It would not be worth pursuing just for a contribution assuming the IRA custodian is not receptive to a request. They are also closing their books now for Form 5498 contribution reporting. And of course the cost of an individual PLR is prohibitive in this situation.
Permalink Submitted by David Mertz on Wed, 2018-05-09 14:42
The tax code does not give the IRS any authority to waive the IRA contribution deadline.