2017 IRA contribution deadline
client works abroad – whe ill be wiring funds to fund his and his wife’s IRA for 2017 however it will take multiple to days to receive the funds (e.g. after 4/17)
Question:
Does the contribution qualify for 2017?
I would think yes – since the money was wired on or before the deadline (4/17) as its in the same vein as the “postmark” rule that apaplies to checks.
All guidance is appreciatied
Permalink Submitted by Alan - IRA critic on Tue, 2018-04-17 17:04
It will be up to the IRA custodian since they have the option to not accept the postmark rule or not to deem the wire as subject to the postmark rule. If the do not accept the contribution for 2017 they may well apply it to 2018, so the taxpayer should check their statement to determine which year the contribution was applied to. If the taxpayer wants to dispute this, they will have to move fast since 2017 contributions are reported on Form 5498 starting in May.