AmyC
Expert Alumni

Get your taxes done using TurboTax

Yes, if all contributions were marked for your 2019 IRA. The question is not about what year you make the contributions. The question is asking, when you went to your broker, which box did they mark that the contribution is being made for.

 

You can only contribute so much per year. The point is to make sure you are not putting in too much to your 2019 account.

 

If you tell your broker to mark all of your contributions for the year 2019, that is what you put in the program. If you have not made full contributions to your 2019 account, it is best to put  up to $6,000 there ($7,000 over age 50) first before going to 2020 contributions.

 

You can only deduct 2020 contributions that are marked for a 2019 contribution by July 15.

Related:

Is an IRA deductible?

Who can contribute to a Traditional IRA?

Can I contribute to both a 401(k) and an IRA?

Can I contribute to both a traditional and a Roth IRA?

By what date do I need to contribute to my IRA to get the deduction?

Where do I enter my Traditional or Roth IRA?

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