I have a systematic investment set up for my Roth IRA. Can I include the contributions that will be made in 2017 up until April 15? I dollar cost average into 2 funds at the beginning of each month.

Forum|Forum|7 years ago
June 5, 2019
2 replies
25 views

No text available

TurboTax Free Edition Online

Best answer by Irene2805

UPDATED FOR TAX YEAR 2019

Yes, you can designate them as 2019 contributions. [Just don't include them again on your 2020 return!]

Keep in mind, though, that Roth IRA contributions don't provide a tax benefit since they are made with after-tax funds. Only Traditional IRA contributions are deductible.

[Edited | 4/13/2020 | 8:23 am PDT]

Irene2805Answer

Alumni - Intuit

UPDATED FOR TAX YEAR 2019

Yes, you can designate them as 2019 contributions. [Just don't include them again on your 2020 return!]

Keep in mind, though, that Roth IRA contributions don't provide a tax benefit since they are made with after-tax funds. Only Traditional IRA contributions are deductible.

[Edited | 4/13/2020 | 8:23 am PDT]

dmertz

Level 15

This designation *must* be made with the IRA custodian. By default, contributions are considered to be made for the year in which the contribution is made unless to ask the custodian to designate them as being for the prior year.