turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jrinvelt
New Member

I have a systematic investment set up for my Roth IRA. Can I include the contributions that will be made in 2017 up until April 15? I dollar cost average into 2 funds at the beginning of each month.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

I have a systematic investment set up for my Roth IRA. Can I include the contributions that will be made in 2017 up until April 15? I dollar cost average into 2 funds at the beginning of each month.

UPDATED FOR TAX YEAR 2019

 

Yes, you can designate them as 2019 contributions.  [Just don't include them again on your 2020 return!]

 

Keep in mind, though, that Roth IRA contributions don't provide a tax benefit since they are made with after-tax funds.  Only Traditional IRA contributions are deductible.

 

[Edited | 4/13/2020 |  8:23 am PDT]

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

View solution in original post

2 Replies
IreneS
Intuit Alumni

I have a systematic investment set up for my Roth IRA. Can I include the contributions that will be made in 2017 up until April 15? I dollar cost average into 2 funds at the beginning of each month.

UPDATED FOR TAX YEAR 2019

 

Yes, you can designate them as 2019 contributions.  [Just don't include them again on your 2020 return!]

 

Keep in mind, though, that Roth IRA contributions don't provide a tax benefit since they are made with after-tax funds.  Only Traditional IRA contributions are deductible.

 

[Edited | 4/13/2020 |  8:23 am PDT]

 
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

I have a systematic investment set up for my Roth IRA. Can I include the contributions that will be made in 2017 up until April 15? I dollar cost average into 2 funds at the beginning of each month.

This designation *must* be made with the IRA custodian.  By default, contributions are considered to be made for the year in which the contribution is made unless to ask the custodian to designate them as being for the prior year.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question