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Author: way2gutsy Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76384  
Subject: Re: The Best Time to Open an IRA??? Date: 10/3/2000 11:03 AM
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In response to the Hendrys' statement that you can contribute ONLY $2,000 to an IRA in April 2001, that isn't necessarily true.

If you wait until the last half of April 2001, AFTER April 15th, it is correct that you can make a contribution only for that current year (2001), so you would be limited to a $2,000 IRA investment before January 2002.

However, it's a different rule if you invest in the first half of April 2001, BEFORE April 15th. Then you are permitted to make a $2,000 contribution attributed to the year 2000, IN ADDITION TO $2,000 attributed to the year 2001. So you would be allowed to invest a total of $4,000 before January 2002.

One of the few loopholes the IRS allows for us procrastinators!

way2gutsy




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