Remster 24 #1 February 16, 2006 I could go to a financial planner, but you people are much more savant.... Is there an extented time limit to contribute to a IRA (say a Roth IRA) for 2005, beyond December 31 2005? Then, besides IRAs and 401Ks, are there other tax saving vehicles that are fairly straight forward? Finally: Sharebuilder.com: any experiences?Remster Quote Share this post Link to post Share on other sites
mnealtx 0 #2 February 16, 2006 You have until the filing deadline for that year to make your contributions, so far as I can tell from a quick web search... The Motley Fool is a great resource for personal finances, btw....Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
NWFlyer 2 #3 February 16, 2006 I believe that you can contribute up to the filing deadline... but don't quote me on that. I seem to recall that's always a question that TurboTax asks me when it's trying to figure out all the ways I can save more money ("Do you want to contribute to an IRA for 2005?") www.irs.gov is a surprisingly useful site, considering its source."There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke Quote Share this post Link to post Share on other sites
AlexCrowley 0 #4 February 16, 2006 For those in the UK (because Im not the first UKian to get confused by this). The IRA being referred to is not THE IRA. It's something different and american. TV's got them images, TV's got them all, nothing's shocking. Quote Share this post Link to post Share on other sites
Remster 24 #5 February 16, 2006 I did look at the Fool, but didnt find the info on the deadline... Thanks! Is it the same for 401K? Can we assign our deduction to the 2005 years for investments made prior to April 15?Remster Quote Share this post Link to post Share on other sites
NWFlyer 2 #6 February 16, 2006 I think 401(k) is a little more regulated. Your best bet there is probably to ask your employer. Some of it may be governed by their plan administrators (or, it may be governed by IRS regs, not sure). Quote Share this post Link to post Share on other sites
mcneill79 0 #7 February 16, 2006 The only one I can answer for sure is that you can definitely contribute until the filing deadline to at Roth IRA. When you contribute you can choose to apply it to the previous or current year. I've done it before and will be doing it again this year. Quote Share this post Link to post Share on other sites
briguy 0 #8 February 16, 2006 Quote Is it the same for 401K? Can we assign our deduction to the 2005 years for investments made prior to April 15? No. 401K contributions are made pre-tax so any contribution you've already made lowers your taxable income. They must be made within the calendar year. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Quote Share this post Link to post Share on other sites
Twoply 0 #9 February 16, 2006 This place has helped me out in the past. http://community.lawyers.com/messageboards/board.asp?channelId=17&mbId=112 Someone can make it clicky. Quote Share this post Link to post Share on other sites
Slurp56 0 #10 February 16, 2006 QuoteI did look at the Fool, but didnt find the info on the deadline... Thanks! Is it the same for 401K? Can we assign our deduction to the 2005 years for investments made prior to April 15? Yes, for Roth IRA's you have until April 15th to contribute for the previous year, I just maxxed out my '05 contributions last week.________________________________________ I have proof-read this post 500 times, but I guarantee you'll still manage to find a flaw. Quote Share this post Link to post Share on other sites
Remster 24 #11 February 16, 2006 Now we'll see how smart you people really are... Say you were living in the US only for 4 months at the end of 2005... Is your max contribution then 1/3 of the max amount?Remster Quote Share this post Link to post Share on other sites
Ashtanga 0 #12 February 16, 2006 QuoteSay you were living in the US only for 4 months at the end of 2005... Is your max contribution then 1/3 of the max amount? I don't know. Quote Share this post Link to post Share on other sites
Slurp56 0 #13 February 16, 2006 QuoteNow we'll see how smart you people really are... Say you were living in the US only for 4 months at the end of 2005... Is your max contribution then 1/3 of the max amount? Are you a US citizen?________________________________________ I have proof-read this post 500 times, but I guarantee you'll still manage to find a flaw. Quote Share this post Link to post Share on other sites
Remster 24 #14 February 16, 2006 I am a US resident alien. Resistance is futile.Remster Quote Share this post Link to post Share on other sites
bob.dino 0 #15 February 16, 2006 Two days after arriving in NYC in 1998, walking down the street I saw a huge ad in the window of a bank branch: "Contribute to your IRA!" Whoa. I knew the IRA got most of its funding from Irish-Americans with rose-tinted glasses, but I didn't realise they'd be so blatant! Quote Share this post Link to post Share on other sites
skybytch 259 #16 February 17, 2006 I used Sharebuilder.com for awhile a couple of years ago. Trades were easy and fast and they had a low minimum investment amount. If I ever have money available for investing in the future I'll use them again. Quote Share this post Link to post Share on other sites
Broke 0 #17 February 17, 2006 Sharebuilder sucks ass the fucked me. Edited to Add: Use Scottrade. I have a couple of friends who are stockbrokers and they recomend scottradeDivot your source for all things Hillbilly. Anvil Brother 84 SCR 14192 Quote Share this post Link to post Share on other sites
livendive 8 #18 February 17, 2006 QuoteNow we'll see how smart you people really are... Say you were living in the US only for 4 months at the end of 2005... Is your max contribution then 1/3 of the max amount? No. In that case you MUST put in the max amount, but 2/3's has to go into my account for being your green card sponsor. Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
Remster 24 #19 February 17, 2006 Thanks Dave.... I knew I could count on you... Remster Quote Share this post Link to post Share on other sites
thegreekone 0 #20 February 17, 2006 QuoteI am a US resident alien. Great, just fuckin great! Quote Share this post Link to post Share on other sites
larsrulz 0 #21 February 17, 2006 QuoteSharebuilder sucks ass the fucked me. Edited to Add: Use Scottrade. I have a couple of friends who are stockbrokers and they recomend scottrade Small IRAs are pretty pointless in a stock trading account, by and large. Buy and holding one stock isn't a very good investment strategy for investment accounts, and frequently trading a small IRA reduces the account value each time you buy and sell. Mutual funds are run by people who know what they are doing...most individuals don't. Just my 2c. I got a strong urge to fly, but I got no where to fly to. -PF Quote Share this post Link to post Share on other sites
Gravitymaster 0 #22 February 17, 2006 www.aaii.com I'm a member of this group. You can get a lot of information on the site and then make a decision about joining. Joining gives you access to a wealth of information. I highly recommend them. As others have said, you have until the filing deadline to make a contribution to an IRA and you can extend that time period by filing and extention. Just be sure you send in any tax due by April 15 or you will be charged a penalty and interest. BTW the extention this year is for 6 months so if you file it by Arpil 15, you have until October 15 to fully fund your IRA. Quote Share this post Link to post Share on other sites
larsrulz 0 #23 February 17, 2006 Quotewww.aaii.com I'm a member of this group. You can get a lot of information on the site and then make a decision about joining. Joining gives you access to a wealth of information. I highly recommend them. As others have said, you have until the filing deadline to make a contribution to an IRA and you can extend that time period by filing and extention. Just be sure you send in any tax due by April 15 or you will be charged a penalty and interest. BTW the extention this year is for 6 months so if you file it by Arpil 15, you have until October 15 to fully fund your IRA. Financial advice is one thing people should avoid giving when they don't have their facts straight. Publication 590 says the following: "You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions)." i.e. if your non-extended due date is April 15, which the vast majority of individual filers have, then that is the latest you can fund an IRA. I don't have personal experience with AAII, but there are many brokerage services available (fidelity, vanguard, charles schwab come to mind as good ones) which will not charge for their advice and service. A service like this is better for a beginning investor than something like AAII or fool.com in my opinion, because it is difficult for a $25-50 annual fee to be cost effective on a small investment. I got a strong urge to fly, but I got no where to fly to. -PF Quote Share this post Link to post Share on other sites
Slurp56 0 #24 February 17, 2006 I was going to jump all over that if you hadn't In this case of being a resident and not a citizen, I dont have an answer. My understanding is that Roth IRA's are for citizens or residents. If you are a resident now and had your Roth IRA setup before Dec 31st, I dont see why you couldnt contribute the max for the year ($4,000 in most cases). I would phone a brokerage and ask over the phone, I'm sure you could get a straight answer. I go through Smith Barney and they have been pretty good to me over the years.________________________________________ I have proof-read this post 500 times, but I guarantee you'll still manage to find a flaw. Quote Share this post Link to post Share on other sites
mjosparky 3 #25 February 17, 2006 Remi my friend, just send me 7.5% of your gross every month and I will take care of it until you retire. SparkyMy idea of a fair fight is clubbing baby seals Quote Share this post Link to post Share on other sites
