I’m still new to US taxes and working in the U.S.
I started a new job in late 2022, my first in the U.S.
Last year at tax time, I opened an IRA and made a contribution, hoping to deduct it on my 2022 taxes. However, I didn’t realize that my employer had auto-enrolled me in their crappy 401(k) without my knowledge. (No match; bad investment options.)
I shut it down as soon as I realized but still had to report 401(k) contributions on my 2022 taxes so I was not able to get a tax deduction on the IRA.
I didn’t report the IRA contributions on my 2022 taxes but when I initially opened the account with the brokerage (Merrill Lynch) I selected 2022 tax year. That was before I knew about the 401(k) contributions.
I’m doing my taxes now (with an extension to Oct. 15) and wondering if I can apply the IRA contribution to my 2023 taxes? The contribution was made in 2023 prior to the April tax deadline.
Do I need to update something with Merrill Lynch first or can I just input the IRA contribution as 2023 in TurboTax?
