Making a Lump Sum IRA Contribution

Home Forums Purchase Program Making a Lump Sum IRA Contribution

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #65312

    I have been in the habit of waiting for my W-2 to arrive, preparing my taxes, and then making a lump sum contribution to my IRA so I can pay myself instead of the IRS. This year, that would mean about $2,100 that I need to contribute by the deadline, which comes before we would close. Is this something I can LOE away? We won’t have any issue with MRF, but we’re already approved and I don’t want to endanger our purchase, but I also don’t want to throw $700 in a hole when I can put $2,100 into my IRA instead. I would -think- this counts as a net zero since I’m moving it from one saved place to another, but I wondered if anyone had specific experience.

    #65313
    Nelsont
    Member

    I suppose it depends on what point in the process you are in but, I don’t think it will matter much. It should be pretty easy to explain through a letter and through a paper trail the tax return and transfer of funds.

    #65314

    We are on the cusp of Credit Access, dragging my feet a little since it’s new construction and hoping to see info on the grants magically appear in the next week.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter