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Home > Sent off last $900 for 2006 Roth IRA

Sent off last $900 for 2006 Roth IRA

March 7th, 2007 at 11:43 pm

Whew. It won't reach my brokerage until next week, but still, there's something celebratory about squeezing in that last payment.

An oops though, I've contributed $3250 already. Perhaps the brokerage'll move $150 to the 2007 contribution.

Ten months at $400/month for Roth IRA 2007 contribution.

I bought a $500 CD with a $500/month "add-to" feature. In retrospect I think this might be a bit much. Then again, it depends on what the end expenditure will be: windows, a car, vacation...

Posted in | 3 Comments »

3 Responses to “Sent off last $900 for 2006 Roth IRA”

  1. disneysteve Says:
    March 8th, 2007 at 02:42 am 1173321739
    1173321739

    You should call them ASAP and let them know about the error. Don't assume they will automatically redirect the surplus to your 2007 contribution. There may be penalties for overfunding your account for 2006 if the payment gets applied that way. Stop them before they process the transaction.

  2. monkeymama Says:
    March 8th, 2007 at 08:36 am 1173342972
    1173342972

    Agreed. There is a form you need to fill out to make the proper designation - call and let them know.

    Must feel good though! To be overpaid at that. Wink

  3. jIM_Ohio Says:
    March 9th, 2007 at 08:18 pm 1173471510
    1173471510

    T Rowe made a mistake on one of my contributions (I make prior year contributions of $500 on 9th of month and $625 current year on 23rd of month). They took the Feb 23rd as a prior year and that skews the plan (to max out by June), so I called and they took care of it within 24 hours.

    Very simple to do now.

    I over contributed (over converted?) in Feb of 2006, and that took about 5 weeks to clear up in Feb of 2007 (needed some forms filled out, then when I got response I finally filed my tax return).

    Take care of things now, before April 15. MUCH LESS PAPERWORK

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