cube_rat
Thinks s/he gets paid by the post
- Joined
- Jul 12, 2005
- Messages
- 1,466
Sorry for the dense question...
If you're allowed to claim IRA contributions on your income taxes and have until April 15th to fully fund the IRA account, how does the IRS check the validity of your contribution? Do they wait until the brokerage or bank reports something at the end of the year? I'm just curious to see how the threads are tied between what's reported versus actually funded.
If you're allowed to claim IRA contributions on your income taxes and have until April 15th to fully fund the IRA account, how does the IRS check the validity of your contribution? Do they wait until the brokerage or bank reports something at the end of the year? I'm just curious to see how the threads are tied between what's reported versus actually funded.