@macuser_22 Is there a specific location on the IRS website page that supports your statement? I did not see it there nor have ever read that before.
If you made a 2020 contribution *in* 2020 then that is the maximum for 2020 an you cannot contribute any more *for* 2020 in 2021. Any 2021 contribution can only be applied to the 2021 tax year.
Yes, and I refered you to the publication (590A) https://www.irs.gov/publications/p590a, that says the limit is $6000 *for* the tax year. If a contribution made in 2020 *for* 2020 or in 2021, before April 15 that is *for* 2020 then the total cannot exceed the maximum amount of it is an excess contribution subject to a 6% penalty that will repeat every year until removed (also explained in Pub 590A).
Also see https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li... that says the same thing.
Also note that the term "IRA" is the aggregate total of all IRA accounts that you might have in different financial institutions. The IRS treats all accounts as the same IRA for tax and contribution limits - the limit applies to the total IRA and not each account. An IRA custodian cannot know amount any other IRA accounts that you might have with different custodians.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
