My IRA contribution was applied to the incorrect year.

Forum|Forum|7 years ago
June 4, 2019
6 replies
13 views

Since my 2015 contribution wasn't applied correctly, I cannot make my 2016 contribution since it shows I have contributed the limit. What can I do to correct the two years of returns?

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macuser_22

Alumni - Champ

Traditional IRA or Roth IRA?
When did you make the 2015 contribution?
Did you report it on your 2015 tax return or are you trying to enter in on your 2016 tax return?

A 2015 contribution can only be reported on a 2015 tax return (or amended return) - only Traditional IRA contributions must be reported, Roth contributions do not.

**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.**

gonzo582Author

Level 2

It was a traditional IRA. I made the 2015 contribution in Feb 2016 and had reported it on the 2015 return.

macuser_22

Alumni - Champ

Then I don't understand the problem. You only enter 2016 contributions in the current 2016 tax return, not 2015 contributions.

**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.**

gonzo582Author

Level 2

The problem is that the credit union where I have my IRA put the $6000 contribution I listed on my 2015 return as a 2016 contribution. So my 2015 return is technically not correct, since the contribution was incorrectly listed as going into the next year.

dmertz

Level 15

Since your IRA custodian treated the contribution as being a contribution for 2016, despite your intent that it be a contribution for 2015, you must amend your 2015 tax return to remove this traditional IRA contribution and report it on your 2016 tax return instead.

macuser_22

Alumni - Champ

And if you deducted it from your taxable income in 2015, you will probably owe additional 2015 tax that you must send with your amended 2015 tax return.

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**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.**