My contribution to my Simple IRA was postmarked April 10 but Schwab claims they received it on the 17th and have posted it as a 2019 contribution. What can I do?

Forum|Forum|7 years ago
June 6, 2019
2 replies
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My contribution to my Simple IRA was postmarked April 10 but Schwab claims they received it on the 17th and have posted it as a 2019 contribution. I get different answers from IRS, Schwab and the web about postmark date versus received date. My federal taxes were filed and accepted on the 6th. I'm a sole proprietor and am the only one on the Simple IRA plan. I've asked Schwab to repost the deposit and they said the IRS won't allow that.

TurboTax Home & Biz Mac

Anonymous

you will have to amend 2018. however, since Schwab is treating it as a 2019 contribution, you don't have an excess contribution for 2018.

Zbucklyo

Level 8

Ultimately, it is up to the IRA custodian.

lloydrAuthor

Level 2

I am the IRA custodian, as well as the only person on the plan. Schwab claims I can't change the contribution year after the 15th. IRS says I have to ask a tax preparer because they aren't allowed to talk about tax law (?).