HiI started a Roth IRA with Scottrade in December of 2003 putting in the full 3000. In January I put in another 3000 intending it to be for the following year. From my understanding this is okay becasue the original 3000 is for 03 and the other 3000 is for 04. Is this reasoning correct?
Sounds right to me!In my case, I haven't funded 2003 yet. I plan to do that in mid march, followed immediately by funding 2004. I don't know how Scottrade works, but with my RIRA, I have to specify at the time of deposit which tax year I am depositing for.
Yes, but check your account statements to be sure Scottrade has recorded the year correctly. Usually they will show it as a contribution for the year in which it was received. However, the law allows you to make your 2003 contribution until April 15 (tax day) of '04. So if you make the '03 contribution in '04, you need to be sure Scottrade records the year correctly.If the contribution gets recorded incorrectly, getting it corrected is usually not a big deal. Letter, e-mail or phone call will usually do it. But just make sure the final entry is correct.
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