Tax deduction
I am 73 with an IRA and I contributed $8,000. to my IRA in Feb 2025. Can that be included in my taxes for 2025 or would that be for the 2024 tax t=year.
I am 73 with an IRA and I contributed $8,000. to my IRA in Feb 2025. Can that be included in my taxes for 2025 or would that be for the 2024 tax t=year.
Expert Reviewed
The contribution is reportable on the tax return for whichever year the contribution was made. If you are not sure of the year for which the contribution was made, ask your IRA custodian. Contributions made between January 1 and the regular due date of your tax return (generally, April 15) are by default treated as current-year contributions unless you specify to the IRA custodian that the contribution is to be for the prior year.
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