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Who did a last minute IRA for '07?
04-20-2008, 06:41 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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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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“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy
“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
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04-20-2008, 07:27 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,077
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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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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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04-20-2008, 07:53 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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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.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy
“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
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04-20-2008, 08:06 PM
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#4
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,077
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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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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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04-20-2008, 08:17 PM
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#5
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Full time employment: Posting here.
Join Date: Aug 2006
Location: Columbus
Posts: 769
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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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04-20-2008, 09:18 PM
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#6
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 225
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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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Every step of the journey is the journey.
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04-20-2008, 11:15 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,226
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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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04-21-2008, 07:21 AM
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#8
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Full time employment: Posting here.
Join Date: Aug 2006
Location: athens
Posts: 802
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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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Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
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04-21-2008, 08:05 AM
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#9
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,077
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Quote:
Originally Posted by Bram
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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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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04-21-2008, 08:17 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,437
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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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May we live in peace and harmony and be free from all human sufferings.
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04-21-2008, 08:55 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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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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- Hurry! to the cliffs of insanity!
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04-21-2008, 10:57 AM
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#12
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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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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04-21-2008, 12:03 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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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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Al
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04-21-2008, 08:42 PM
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#14
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 31,568
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Same here
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Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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04-21-2008, 08:51 PM
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#15
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 31,568
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Quote:
Originally Posted by Spanky
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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: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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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04-22-2008, 08:55 AM
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#16
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,077
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Quote:
Originally Posted by Want2retire
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.
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Couldn't edit it but it looked illegal, the way I had it!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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04-22-2008, 06:22 PM
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#17
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 225
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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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Every step of the journey is the journey.
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04-22-2008, 06:24 PM
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#18
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,077
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 Oops!
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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04-22-2008, 06:30 PM
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#19
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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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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