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AWPRttx1
New Member

How do I change the tax year reported for a traditional IRA contribution?

How do I change the tax year reported for a traditional IRA contribution in my reported taxes? 

I made a contribution to my traditional IRA in January 2017 before the April 2017 tax filing due date, so I reported the contribution as tax year 2016. My bank, however, applied the contribution to 2017 tax year. I was informed by them that I missed the October 15, 2017 deadline for changing the tax year applied to that contribution to 2016. Do I need to re-file tax year 2016 to remove the traditional IRA contribution and include the contribution in my 2017 taxes? If so, how do I go about re-filing for 2016?

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MinhT
Expert Alumni

How do I change the tax year reported for a traditional IRA contribution?

Since your IRA custodian applied your contribution made in January 2017 to the 2017 tax year, despite your intent to apply it for 2016, you'll have to amend your 2016 tax return to remove that contribution, then claim it on your 2017 tax return.

To amend your 2016 tax return, please follow these instructions:

https://ttlc.intuit.com/replies/3288565


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1 Reply
MinhT
Expert Alumni

How do I change the tax year reported for a traditional IRA contribution?

Since your IRA custodian applied your contribution made in January 2017 to the 2017 tax year, despite your intent to apply it for 2016, you'll have to amend your 2016 tax return to remove that contribution, then claim it on your 2017 tax return.

To amend your 2016 tax return, please follow these instructions:

https://ttlc.intuit.com/replies/3288565


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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