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Can I count Traditional IRA contributions from Jan 1, 2023-Dec 31, 2023 and Jan 1, 2024 - April 15, 2024, or just April 16, 2023-April 15, 2024 for the 2023 taxes?

 
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3 Replies
maglib
Level 11

Can I count Traditional IRA contributions from Jan 1, 2023-Dec 31, 2023 and Jan 1, 2024 - April 15, 2024, or just April 16, 2023-April 15, 2024 for the 2023 taxes?

@td_smartypants3d  when you make the contribution you must designate which year the amount paid was for.  You can contribute any time during the calendar year and then until tax filing due dates. So if you designated it 2023 contribution you can do 1/1/2023-4/15/2024.

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DMarkM1
Expert Alumni

Can I count Traditional IRA contributions from Jan 1, 2023-Dec 31, 2023 and Jan 1, 2024 - April 15, 2024, or just April 16, 2023-April 15, 2024 for the 2023 taxes?

For 2023 taxes you can count contributions 1 Jan 2023 - 15 Apr 2024 that were not already included on a prior year tax return. 

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Can I count Traditional IRA contributions from Jan 1, 2023-Dec 31, 2023 and Jan 1, 2024 - April 15, 2024, or just April 16, 2023-April 15, 2024 for the 2023 taxes?

IRA contributions are noted in the year they are made. An exception is that the IRS will allow you to make and takr advantage of any made between  January 1 and the last filing date. For 2023 tax returns, that date is today, April 15. Any contributions made during this period must be assigned to either 2023 or 2024. After April 15, any contribution until 12/31 is for 2024.

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