"anand" <anandreng[at]gmail.com> wrote:
- quote -

Yes it is true. And, it is just like _you_ said. When you
make a IRA contribution with a _custodian_ between Jan 1 and
Apr 15, you have to specify to the _custodian_ which year
the contribution is for. The _custodian_ will then report
your choice to the IRS the year of your choose. When you
file your taxes you must report the contribution for the
same tax year that you previously chose with the
_custodian_.

That is where you had the option and made your choice; with
the custodian and a not when you filed your taxes. You can
not later amend your taxes to change your choice because the
tax forms were not where the choice was made, and I know of
no procedure or law that would allow the custodian to change
the year of contribution after the fact.

- quote -

Not if you have already previously made the maximum
contribution to your 2006 IRA during 2006. You don't get to
add beyond the maximum by contributing more now. I know
that is not the question you asked. I just want to be sure
that you understood that.

--
-Ernie-

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joetaxpayer <joetaxpa...[at]nospam.com> wrote:
- quote -

Not true, I made the decision because the date of
contribution fell between Jan 1st and April 15th. WHen the
contribution date falls between Jan 1st and the tax filing
deadline fot the year, you have the option to make the
contribution to the current year or the previous year...

For example, if I were to make an IRA contribution today
(2/19/2007) I can choose to contribute towards 2006 or 2007.

D

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"Phil Marti" <prm20...[at]verizon.net> wrote:
- quote -

Not entirely true, roth IRA has tax effects, when the AGI
drops below the limit, $50,000 for example for married
couple filing jointly.. Then the of ira contribution I
believe will get some tax credits...

- quote -

Our (married filing jointly) AGI for 2004 was less than
$50,000 for 2004 and more than $50,000 for 2003, I would
have been better off making that contribution towards 2004,
thus claiming some credits as I mentioned before...

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anand wrote:

- quote -

Like the mother told her unmarried pregnant daughter.
"Sigh! oh well, what's done, is done."

See the similarity? (grin

ChEAr$,
Harlan Lunsford, EA n LA

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"anand" <anandreng[at]gmail.com> wrote:

- quote -

No. That deadline is long gone.

Since Roth contributions have no effect on your taxes, and
you're closer to satisfying the Roth 5 year period with a
2003 contribution than a 2004 I can't see any tax reason why
you would be better off changing it even if you could.

--
Phil Marti
Clarksburg, MD

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anand wrote:

- quote -

No. You choose the year with the custodian (broker/bank) of
your IRA. i.e. you didn't make the decision of the tax year
on your taxes, you made it upon depositing the money. JOE

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I contributed 3000$ towards Roth IRA for the Tax year 2003.
I made this contribution sometime between Jan and March of
2004.

At the time of contribution I had the choice of choosing the
contribution towards 2003 or 2004, and I decided to
contribute to 2003.

But now I realize that I should have contributed that amount
to 2004 instead of 2003, which would have benefited me in
some other ways.. Is it possible to change that decision
now..

Pls. note that I didn't make any IRA contributions towards
2004.

Thanks.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >