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Can I claim a $4,000.00 IRA contribution on my 2018 taxes because I renewed a Certificate of Deposit that will mature on April 15, 2019?

 
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Can I claim a $4,000.00 IRA contribution on my 2018 taxes because I renewed a Certificate of Deposit that will mature on April 15, 2019?

If the CD is already IN your IRA, you can't claim anything because it's already in the IRA.  If you are using the interest on a CD that is NOT in the IRA, you may make an IRA contribution for 2018 as long as you make the contribution before April 17.  Make sure your financial institution knows that it is a 2018 contribution.

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3 Replies

Can I claim a $4,000.00 IRA contribution on my 2018 taxes because I renewed a Certificate of Deposit that will mature on April 15, 2019?

Did you renew a CD that was already in your IRA?

Can I claim a $4,000.00 IRA contribution on my 2018 taxes because I renewed a Certificate of Deposit that will mature on April 15, 2019?

If I do not renew the certificate I would not be required to pay a penalty!

Can I claim a $4,000.00 IRA contribution on my 2018 taxes because I renewed a Certificate of Deposit that will mature on April 15, 2019?

If the CD is already IN your IRA, you can't claim anything because it's already in the IRA.  If you are using the interest on a CD that is NOT in the IRA, you may make an IRA contribution for 2018 as long as you make the contribution before April 17.  Make sure your financial institution knows that it is a 2018 contribution.

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