What does Money do with an IRA contribution year?

Hello All,

I have been using MS Money, including managing my IRA accounts, for years.
My current version is 2006 Delux. Yesterday I added a transfer from my
bank's checking account into my Fidelity (IRA) contibution account, and
Money asked me if I meant this to be 2005 or 2006 contribution...

My question is: what does Money use this information for? I don't see any
report where the year if the contribution is shown, nor do I see it
anywhere on the transaction?

I am curious about this now because I've been investing into an IRA as a
recurring transaction for a long time and it never asked me this question,
so I am wondering if all my previous data is labeled for the correct year
or not, but I can't figure out where in MS Money this information is
used/shown at all.

Thanks for your time and any info you can provide about this!

-Ed

Dick
Mon Jan 23 22:25:32 CST 2006

Great question! It may be used in Tax Estimator, but I haven't tested this.
Maybe somebody else has seen this data regurgitate somewhere. Anybody?

"Edrick Goldfarberger" <ed@nospam.please.com> wrote in message
news:op.s3u5oyto8y5qhj@cock.dsl.verizon.net...
> My question is: what does Money use this information for?

Chris
Mon Jan 23 23:18:57 CST 2006

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in
message news:e6kEz4JIGHA.3460@TK2MSFTNGP12.phx.gbl...
> Great question! It may be used in Tax Estimator, but I haven't tested
> this. Maybe somebody else has seen this data regurgitate somewhere.
> Anybody?

Money's asking me if charitable contributions are TY05 or TY06. I can't
determine why, since that's not an indicator on my charitable contributions
category. It never happened before I played with the FIT tax payments
category. I hope I don't have a corrupt file. I'm thinking maybe it will
stop in February.
--
Chris Cowles
Gainesville, FL

harrelsonesq
Wed Jan 25 00:40:45 CST 2006

No. April 15.


"Chris Cowles" <spam_magnet@remove-me-bellsouth.net> wrote in message
news:OoQSwWKIGHA.2040@TK2MSFTNGP14.phx.gbl...
> Money's asking me if charitable contributions are TY05 or TY06. I can't
> determine why, since that's not an indicator on my charitable
> contributions category. It never happened before I played with the FIT tax
> payments category. I hope I don't have a corrupt file. I'm thinking maybe
> it will stop in February.
> --
> Chris Cowles
> Gainesville, FL
>
>
>

Chris
Wed Jan 25 19:49:40 CST 2006

"harrelsonesq" <harrelsonesq2@yahoo.com> wrote in message
news:eig0FpXIGHA.3752@TK2MSFTNGP11.phx.gbl...
> No. April 15.

What I don't get is that I record the transaction with a transaction date of
2006. How can a transaction date of 2006 apply to 2005? I understand that's
true for IRAs and probably tax payments, but for charitable contributions?

Cal
Wed Jan 25 20:23:22 CST 2006

In microsoft.public.money, Chris Cowles wrote:

>"harrelsonesq" <harrelsonesq2@yahoo.com> wrote in message
>news:eig0FpXIGHA.3752@TK2MSFTNGP11.phx.gbl...
>> No. April 15.
>
>What I don't get is that I record the transaction with a transaction date of
>2006. How can a transaction date of 2006 apply to 2005? I understand that's
>true for IRAs and probably tax payments, but for charitable contributions?
>

http://www.irs.gov/newsroom/article/0,,id=133843,00.html has a case
of contributions made in 2005 being deductible for 2004. Perhaps
Money suspects that there could be a similar law for some other
years.

Dick
Thu Jan 26 07:30:21 CST 2006

Has anyone confirmed that Money actually does anything with the information
it asks for? Does telling Money that the IRA or Charitable is "prior year"
result in the Tax Estimator/tax reports/tax exports showing it thus? Does
this data get reflected in any way that it can be modified once it's
entered? How do you modify this setting in a transaction that's been
entered? Can you see this setting for a transaction in any way besides its
result in Tax Estimator/tax reports/tax exports once it's entered?

"Cal Learner" <NoMailTnx@please.com> wrote in message
news:2tbgt1tgv89187n3lb5o4j5sfmpu5dp6hb@4ax.com...
> In microsoft.public.money, Chris Cowles wrote:
>
>>"harrelsonesq" <harrelsonesq2@yahoo.com> wrote in message
>>news:eig0FpXIGHA.3752@TK2MSFTNGP11.phx.gbl...
>>> No. April 15.
>>
>>What I don't get is that I record the transaction with a transaction date
>>of
>>2006. How can a transaction date of 2006 apply to 2005? I understand
>>that's
>>true for IRAs and probably tax payments, but for charitable contributions?
>>
>
> http://www.irs.gov/newsroom/article/0,,id=133843,00.html has a case
> of contributions made in 2005 being deductible for 2004. Perhaps
> Money suspects that there could be a similar law for some other
> years.

Chris
Fri Jan 27 08:17:00 CST 2006

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in
message news:OfaFdxnIGHA.3752@TK2MSFTNGP11.phx.gbl...
> Has anyone confirmed that Money actually does anything with the
> information it asks for? Does telling Money that the IRA or Charitable is
> "prior year" result in the Tax Estimator/tax reports/tax exports showing
> it thus?

Yes, in reports. Haven't used it in a tax export yet but assume output
follows the same pattern.

> Does this data get reflected in any way that it can be modified once it's
> entered?
> How do you modify this >setting in a transaction that's been entered?

Right click on the individual transaction in the category detail. A line
shows up at the bottom that says "Associate with tax year >". You can select
the current or previous tax year. The same is not true for transactions
dated 1/2005. Also, it seems not to apply to splits. I do not know the
conditions for which the line appears. Perhaps, as stated earlier, only for
tax-related categories entered between 1/1 and 4/15?

> Can you see this setting for a transaction in any way besides its result
> in Tax Estimator/tax reports/tax exports once it's entered?

As far as literally 'see' it, as above, and also on the 'Tax-related
transactions' report. The date selection field affects the effective date,
not the transaction date. If you mean can I envision a use other that what
you state, no.

Dick
Fri Jan 27 09:56:04 CST 2006

What I was wondering is what's the UI for the setting. I think you've
cleared this up pretty well. I am trying to mentally keep track of how
much/where is the data that Money can acquire that I have no easy way to get
back out to the alternate database I've been working on. This adds to the
list--but I could get it from the tax reports. There is other data you just
can't get anywhere.

"Chris Cowles" <spam_magnet@remove-me-bellsouth.net> wrote in message
news:%23KGLcx0IGHA.2628@TK2MSFTNGP15.phx.gbl...
> As far as literally 'see' it, as above, and also on the 'Tax-related
> transactions' report. The date selection field affects the effective date,
> not the transaction date. If you mean can I envision a use other that what
> you state, no.