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Who did a last minute IRA for '07?
Old 04-20-2008, 07:41 PM   #1
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Who did a last minute IRA for '07?

I procrastinated, and almost missed the opportunity. Got my 2007 ROTH IRA account opened and funded on the 14th! I started a couple of days ahead of that, but forgot to take into account that I might need to allow a day or two for the EFT to go through. So...now I'm invested with Vanguard with a ROTH in a Target 2020 retirement fund. For now, it's over 70% stocks, but will wind down from that over time. This is my first IRA of any kind.

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Old 04-20-2008, 08:27 PM   #2
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Congratulations on getting it in on time!! Sounds close, but you did it! The Target Retirement funds are supposed to be really good. I love my Roth with Vanguard.

But no, I didn't just get my 2007 contribution in. I usually contribute towards the end of January of that year, so I have had my 2008 contribution in since February 1st. I like doing it that way because that gives it another year to grow (theoretically, in a decent market).
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Old 04-20-2008, 08:53 PM   #3
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Yeah, I know...but better late than never. Now I need to concentrate on getting the '08 money in there. I've been more preoccupied with maxing out my TSP and am just now getting around to doing the IRA. Kids are 2/3 out of the house now(oops, one that was out is now back??) but still I finally have funds to do both (TSP & IRA). I'll be retiring in 4.5 yrs, but the DW will still be working about 3 yrs beyond that, so we can fund the IRA's for at least 8 more years, and the intent is not to touch that money until much later anyhoo.
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Old 04-20-2008, 09:06 PM   #4
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That's really great - - although I have maxed out my TSP all along, I didn't start funding my IRA until 2006. That was right after I finished paying off my house, because I didn't give the IRA a high enough priority. I should have started it earlier! Oh well. Better late than never. Besides, if I was perfect at this I'd charge for my words instead of posting on a message board. I can only fund my IRA through next year, so it will not be very big.
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Old 04-20-2008, 09:17 PM   #5
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For the last 10 years or so I've been picking up 2 IRA's just before the tax deadline. I usually get the taxes done in February and then wait a few weeks to get the IRA's when a CD matures. This year was the end since I'm a bum and don't have any earned income anymore.
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Old 04-20-2008, 10:18 PM   #6
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Add me to the procrastinator list. I started mine April 12 & the bank has the eft dated 4/15.

Now a question.....
DH delayed deciding where/what he wanted so I didn't start his until 4/13 and his was a new account with Vanguard. His Vanguard account lists the account date as 4/15, but the bank's eft is dated 4/16. I am guessing that the gov't would go by Vanguard's date & not match it up with the bank? :confused: Fingers crossed!!
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Old 04-21-2008, 12:15 AM   #7
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This year was the end since I'm a bum and don't have any earned income anymore.
Yeah, I'm a bum as well. I maxed out my Roth IRA in December '07.....for last time! My intent is to never have another penny of earned income for as long as I live.....as selfish and unpatriotic as that may be.
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Old 04-21-2008, 08:21 AM   #8
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I wasn't planning to contribute to an IRA since I missing pulling funds from my rollover to a ROTH in 2007. But then I did my taxes the week of the 15th. OUCH! I sold a rental property in 2007, and the taxes were much worse than I expected. (I'm still not sold on the Turbo Tax answer I got, so I filed for an extension.) Anyway, I ended up calling FIDO to contribute to a couple of traditional IRA's for both DW and me just to get the AGI down to a level for a full rebate. So it was a last minute scramble, but I hope it works out. Why don't I get this tax thing done earlier....
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Old 04-21-2008, 09:05 AM   #9
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Add me to the procrastinator list. I started mine April 12 & the bank has the eft dated 4/15.

Now a question.....
DH delayed deciding where/what he wanted so I didn't start his until 4/13 and his was a new account with Vanguard. His Vanguard account lists the account date as 4/15, but the bank's eft is dated 4/16. I am guessing that the gov't would go by Vanguard's date & not match it up with the bank? :confused: Fingers crossed!!
I can go to your Vanguard account online, and find out how much I have contributed to what years of my Roth IRA. That would be what they are reporting to the IRS. You probably can do this too.
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Old 04-21-2008, 09:17 AM   #10
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We always wait until April before filing our tax returns or making any contribution to Roth IRAs since we normally have to pay.
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Old 04-21-2008, 09:55 AM   #11
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I already have my 08 investment sent in and invested did an ACH into my Wells Fargo account a few days after the first of the year...
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Old 04-21-2008, 11:57 AM   #12
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I did a draft 1040 and figured I didn't quality for '07 but then when I went to revise it, I saw that almost invisible line in the instruction worksheet, I did indeed quality so sent in the $5,000 by April 10. When I went to finalize the 1040, I had to figure out again why I thought I qualified; took a while to find that line again. Next year, hello Turbo Tax.
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Old 04-21-2008, 01:03 PM   #13
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I'm with W2R, and my computer reminds me to put money in my HSA account on Jan 2 (for the upcoming year). A whole year of tax-free gains for free.
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Old 04-21-2008, 09:42 PM   #14
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But no, I didn't just get my 2007 contribution in. I usually contribute towards the end of January of that year, so I have had my 2008 contribution in since February 1st. I like doing it that way because that gives it another year to grow (theoretically, in a decent market).
Same here
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Old 04-21-2008, 09:51 PM   #15
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We always wait until April before filing our tax returns or making any contribution to Roth IRAs since we normally have to pay.
:confused:

You can "do" your taxes well before so you know exactly what you have to pay and then file in April. If you pay by bank draft you name the date and never have to worry about delivery of your return.
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Old 04-22-2008, 09:55 AM   #16
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I can go to your my Vanguard account online, and find out how much I have contributed to what years of my Roth IRA. That would be what they are reporting to the IRS. You probably can do this too.
Couldn't edit it but it looked illegal, the way I had it!
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Old 04-22-2008, 07:22 PM   #17
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Want2, I kept checking online, waiting to see what amount you were contributing for me! I was gonna thank you for your generosity.
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Old 04-22-2008, 07:24 PM   #18
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Want2, I kept checking online, waiting to see what amount you were contributing for me! I was gonna thank you for your generosity.
Oops!
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Old 04-22-2008, 07:30 PM   #19
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Guilty as charged. And we messed up the paperwork, but Vanguard figured it out, notified us, and got it fixed just in time. Yay, Vanguard!
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