cancel
Showing results for 
Search instead for 
Did you mean: 
Level 3

We put money into our ira after filing our taxes this year. Can this be applied to next years taxes?

 
4 Replies
Level 11

We put money into our ira after filing our taxes this year. Can this be applied to next years taxes?

If you made a contribution in 2019 it goes on your 2019 return that you file next year.  So I guess the answer is Yes?

Level 20

We put money into our ira after filing our taxes this year. Can this be applied to next years taxes?

Sure.  Any IRA contribution made in 2019 can be reported on your 2019 tax return as long as the contribution made on or before April 15, 2019 was not already reported on the 2018 tax return.

Highlighted
Level 17

We put money into our ira after filing our taxes this year. Can this be applied to next years taxes?

the deadline for making a 2018 contribution is the due date not including extensions for the tax return. thus you had until 4/15/2019 to make a 2018 contribution.    you can even file your return before making the contribution and take a deduction.   

 

if you contributed before 4/15/2019 what year did you tell the trustee the contribution was for?  if 2018 you'll have to check with the trustee to see if it can be changed to 2019. if not, you;ll need to amend 2018 because you can't take a deduction for it in 2019.       if after 4/15/2019 you're safe unless you designated it was for 2018,  then the Trustee should have returned the contribution.  if no year specified you have a 2019 contribution subject to whatever the rules are for IRA contributions that year 

Level 20

We put money into our ira after filing our taxes this year. Can this be applied to next years taxes?

Is this a traditional IRA contribution or a Roth IRA contribution?

 

All traditional IRA contributions must be reported on the tax return for the year for which the contribution was designated. 

 

A Roth IRA contribution is only required to be reported if it is an excess contribution since an excess contribution is subject to penalty.  If the Roth IRA contribution qualifies you for a Retirement Savings Contributions Credit, it will be beneficial to report it and must then be reported on the tax return for the year for which the contribution was designated.

 

The year for which a traditional or Roth IRA contribution is designated is indicated by the year of the Form 5498 that shows the contribution.  Form 5498 is prepared by the IRA custodian and sent to you and to the IRS.