Official Last Day to contribute to an IRA for 2007 thread

[manlymatt83]

Question.

I have $1000 right now that I can either put into my Roth IRA for 2007 or pay towards debt that's currently @ about 6% APR. The debt is being paid down, so if I don't pay it down with this $1000, I can pay another $1000 to it in like 2-3 weeks.

So what's the better option? $1000 would max my 2007 Roth IRA contributions out, but paying it towards that debt sounds good too....

I only have 6 hours left!


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Of course you could have asked this in the Tax thread!

Senior Anandtech Moderator
Common Courtesy

 

[Agentbolt]

Seems pretty simple to me. Your ROTH IRA's 1000 bucks is going to be worth a lot more when you take it out than the interest you'll accrue on the loan in a few weeks.

 

[DaveSimmons]

I'd put it in the Roth since you say you'll have another $1,000 soon and it's a chance for tax-free growth that's gone tomorrow.

 

[ItTheCow]

<---- Made my contribution yesterday.

 

[Capt Caveman]

Originally posted by: mjuszczak
Question.

I have $1000 right now that I can either put into my Roth IRA for 2007 or pay towards debt that's currently @ about 6% APR. The debt is being paid down, so if I don't pay it down with this $1000, I can pay another $1000 to it in like 2-3 weeks.

So what's the better option? $1000 would max my 2007 Roth IRA contributions out, but paying it towards that debt sounds good too....

I only have 6 hours left!

You're too late. Banks are closed and your deposit won't process til tomorrow.