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lmersch: "I know it's not too late to open a 2001 IRA, but would Datek (my broker) have to CASH my check by Monday? Or do I simply have to MAIL my money by Monday? In other words, what do I have to do to open a Roth IRA at this late hour??"

I asked a similar question yesterday, and this was Phil's response:


[JAFO] <<<<Someone asked me today whether there was the equivalent of a "Mailbox" rule for the IRA contribution -- i.e., is a checkmailed today (or before the 15th) for tax year 2000 but not received by the IRA trustee until after April 16 still a 2000 tax year contribution?>>>>

I've seen opinions both ways on this. Assuming that one could treat it as a year 2000 contribution if mailed timely, I'd never trust an IRA custodian to properly process a contribution received after the due date. If I were in this situation I'd toodle on down to the bank and make my IRA deposit there, avoiding any kind of time deposit, and then transfer it to my intended custodian later.

I'd also put a note on next year's March 1 calendar to get off my duff and fund my IRA.

Sound advice all the way around.

(who visted his broker today and delivered two checks for 2000 IRAs for himself and Mrs. JAFO)

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