Should I include IRA contributions made between January 1, 2017 and April 18, 2017 on my 2016 return?

Forum|Forum|7 years ago
June 3, 2019
2 replies
10 views

Is it better to include 2017 contributions between Jan. and April now or wait until next year to claim?

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Hal_Al

Level 15

What's best depends on your total tax situation.

But the general rule is: it's best to claim in on your 2016 return. This is because you have between now and April 15, 2018 to claim a 2nd IRA contribution on your 2017 return.

dmertz

Level 15

If you made the contribution and your custodian designated it to be a contribution for 2016, it must be reported on your 2016 tax return. If your custodian designated it to be a contribution for 2017, it must be reported on your 2017 tax return. If your custodian did not designate it as being for the year that you intended, by April 18, 2017 you must ask the custodian to make the correction.