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Level 3
posted Mar 10, 2024 1:42:53 PM

do I indicate for which year my roth contribution is for when contribute online through a broker?

A friend made a Roth contribution on line in Jan 2023. He said he selected the contribution for 2023, but just received the statement, showing 2024 Roth Contribution. He felt so upset. Does it matter if he still uses this contribution for 2023 tax filing? He expected to have higher income in 2024 and won’t be eligible to contribute. I don’t know if he could call the broker to make corrections. Anyone has this kind of experience? Thank you

0 3 673
3 Replies
Level 15
Mar 10, 2024 2:14:28 PM

You have to be careful to specify with your fiduciary which year you are making the contribution for. The choice for 2024 probably can’t be changed but if the contribution for 2023 was not made it can be made before April 15. 

Level 3
Mar 10, 2024 2:26:45 PM

Thank you so much for your help! I will ask the broker tomorrow.

Level 15
Mar 10, 2024 3:55:37 PM

The IRA custodian can be asked to correct the contribution as being one for 2023 instead of 2024 as long as it is done by April 15, 2024, the regular due date of the 2023 tax return.