The 2020 IRA Contribution deadline is May 17th. Checks must be received with a post-mark date of no later than May 17th in order to qualify for a prior-year (2020) contribution. For checks received AFTER May 17th, NFS requires a copy of the post-marked envelope and a client letter of instruction specifically indicating that the deposit represents a 2020 tax year contribution. Please note, a FedEx envelope, tracking sheet, shipping confirmation, etc. does not fulfill this requirement (check must be mailed through USPS).
You may be asking, “How can I avoid this terribly cumbersome and laborious process for my clients that choose to wait to the last minute to make contributions?” I am glad you asked. Clients can use Mobile Check Deposit through the Wealthscape Investor Mobile App. The following link contains a user tour that can easily walk your clients through the process.
Wealthscape Investor Mobile App with MCD
Each year we have numerous checks that do not make the deadline for a prior year contribution. This creates headaches for home office, our field, and our end clients. Don’t create headaches for home office, yourself, or your clients. With any questions, please call the service desk at 1-800-344-7437.
Use Mobile Check Deposit! Do it! Do it!
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