Post mark or Processing Date for Roth IRA 2016 Contribution?
Regarding a Roth IRA Mutual Fund account that is open and has been contributed to each year, since the deadline for a 2016 Roth IRA contribution is April 18, 2017—does that mean the Roth IRA Custodian has to have the contribution processed by April 18, 2017?
Or is it sufficient to have mailed it to the custodian before that date?
The account holders are planning to mail the check to contribute 4/3/17 or 4/4/17 going from FL to Maryland. What are the rules and how long does it generally take to process a contribution in cases as described above? Thanks very much.
Permalink Submitted by Alan - IRA critic on Sun, 2017-04-02 21:21
The IRS applies a post mark rule, but that does not mean the IRA custodian does not have the option to refuse a contribution they receive after 4/18. Most will not restrict the postmark rule application, but they could be more restrictive if they wish.