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2021 Contribution made today 4-19-22

I missed the 4-18-22 deadline for 2021 contribution and made the transfer today 4-19-22. Is my only option to amend the 2021 tax return? 

7 Replies

2021 Contribution made today 4-19-22

if it is a 'deadline', wouldn't that mean there are no options? if you could amend 2021,  wouldn't that infer it wasn't really a "deadline"?

2021 Contribution made today 4-19-22

@NCperson I was able to amend my already filed 2021 return to remove the contribution. Thank you for your kind and gentle response, much appreciated. 

2021 Contribution made today 4-19-22

@Lloyd2 

 

Yeah ...I'm sure they thought you were still trying to use it as a 2021 contribution deduction on an unfiled 2021 tax return....that's how I read your post.   Guess  you needed to make clear that you already took the deduction on a filed 2021 tax return, but now need to correct/remove the contribution it as it cannot be used as a 2021 contribution.

_____________________

Just remind yourself for the future...to never push any deadline.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

2021 Contribution made today 4-19-22


@Lloyd2 wrote:

@NCperson I was able to amend my already filed 2021 return to remove the contribution. Thank you for your kind and gentle response, much appreciated. 


To be clear:

 

If you told turbotax (and filed your return) promising to make a deductible or non-deductible contribution to a traditional IRA, or a deductible contribution to an HSA, for the 2021 tax year, and you missed the April 18, 2022 deadline, then you do need to file an amended tax return to remove the contribution and pay any extra tax you may owe. 

 

If you missed the deadline to contribute to a Roth IRA, this does not change your tax and does not require an amended tax return.  However, Turbotax's internal record keeping of your contributions will be wrong, which could affect the tax calculation if you withdraw money from your Roth IRA before age 59-1/2.  You should always be keeping your own accurate records of Roth IRA contributions.  

 

No matter what kind of account it was, the contribution now counts as a 2022 contribution, and you may need to take steps to make sure you don't exceed the 2022 contribution limits (such as, you may need to adjust or reschedule any automatic contributions you are making to an IRA or HSA). Or, you can remove the contribution within 60 days as a "mistaken contribution."

dmertz
Level 15

2021 Contribution made today 4-19-22

A contribution made on April 19, 2022 is a contribution made for 2022, not for 2021.  If you reported on your 2021 tax return a contribution for 2021 and made no contribution for 2021, you must amend your 2022 tax return.

 

If you choose to obtain a return of the 2022 contribution that you made on April 19, 2022, you have until the due date of your 2022 tax return, including extensions, to obtain that return of contribution.

 

I don't know why Opus 17 mentioned anything about an HSA.  This traditional IRA contribution has nothing to do with an HSA.

2021 Contribution made today 4-19-22

@dmertz 

The original taxpayer only mentioned “contribution“. They didn’t say what kind of contribution it was.  Most answers are assuming that the question refers to a traditional deductible IRA, but it could also refer to a Roth IRA or an HSA, both of which could also accept 2021 contributions up through April 18, 2022.   Just because this is the retirement section of the support forum doesn’t mean that every taxpayer will ask their question in the correct location.  I was covering all the bases.

dmertz
Level 15

2021 Contribution made today 4-19-22

Thanks Opus 17.  That makes sense.

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