Phil Marti wrote:

- quote -

Yep.

In fact bank is THE largest in the Columbus, GA area and you
would have thought ....... anyway.

ChEAr$,
Harlan Lunsford, EA n LA

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"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:

- quote -

Did they know he was dead when they accepted the deposit
last year? (Don't bother answering if this has already been
addressed. I haven't paid close attention to this thread.)

--
Phil Marti
Clarksburg, MD

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D. Stussy wrote:
- quote -

Of course I understand the whys and wherefores and why it
works this way, since he WAS dead and couldn't have done it.
But the real flies in the ointment were (1) nothing in pub
590 against it, and (2) the bank allowed it last year
even though he had bought the farm earlier.

Such is life.

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

A.G. Kalman wrote:
- quote -

Agreed. Furthermore, an IRA contribution made after the end
of the tax year but before the due date is deemed made ON
the last day of the tax year. As he was not alive on that
day, he could not have made the contribution.

Your software probably allows the contribution because it
doesn't ask when during the year it was made. If he had
sent the check making the contribution before he died, he
would then be entitled to the deduction (other requirements
notwithstanding), even if the trustee processed it after
death.

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Harlan Lunsford wrote:

- quote -

It was some time ago but I believe we concluded that only
the individual or the individual's employer or a labor union
can establish or maintain an IRA. As the individual is now
deceased, the spouse (who I assume inherited the IRA) can
not make a contribution for the decedent.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Is this where we discussed this before? I just can't
remember.

Situation is that husband bought the farm last February and
finishing up their joint tax return, my software isn't even
fazed when we factor in a 4000$ IRA for him for 2005, even
though the program does know his date of death.

So the widow goes to the bank to add to his IRA, or open one
for him and bank refuses to do so. I don't find anything in
publication 590 prohibiting this, since it IS a joint
return, and she IS the executor of his estate. Maybe it's
just the bank. You reckon?

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >