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Financial Planning / Paying For College


Subject:  Re: rollover? Date:  2/27/2005  5:12 PM
Author:  Bob78164 Number:  6300 of 8509

HardyWeinberg writes (in part):

Can I contribute $2k [to a Coverdell] for last year by 15 April and attribute it to last year?

I reply:

You can now. When Coverdell's were first created and called Education IRAs, that was not possible. Then, a 2004 contribution had to be made in 2004. That rule was so silly even Congress realized it, so it's been changed. Contributions for a Coverdell can now be made for the previous year up through the tax filing deadline, without extensions -- in other words, April 15 (unless it's a weekend or holiday). --Bob
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