Yes, it's possible it will be too late. The best answer to the second question would come from Schwab. If I were in your shoes, I would call Schwab on Monday morning, tell them what you want to do, and ask for workable options.Since she opened the account late Friday evening 4/12, and at the same time requested the bank link, and then requested the contribution be transferred from that bank, does this mean that the money could potentially not leave her control until the brokerage validates the new bank link, which could occur too late? I.e. might it be safest to try to cancel the transfer request and then initiate a transfer with Schwab on Monday according to their process?Your Mom is probably a cash basis tax payer. If so, she needs to initiate the deposit by end of day Monday, either by having the ACH pull from her account before Monday, or write and mail a check by Monday, or wire the money on Monday, or carry cash into the custodian's local branch and leave it with them.
In other words, the money has to leave her control on Monday. When it ends up getting deposited should not matter. The custodian accepting it as a 2023 contribution also shouldn't matter, although I think any competent custodian would not accept a 2023 contribution that was not initiated by the deadline.
Statistics: Posted by secondcor521 — Sat Apr 13, 2024 1:08 am — Replies 7 — Views 262
