We contribute $350 monthly EFT Does this qualify for traditional IRA does it count for last 12 mo of 2017 does it qualify for first 4 months of 2018?

[AnnetteB · Accepted solution]

If your monthly deposits are being made to a Traditional IRA account, then the total contributed during the year would need to be entered into your tax return as a Traditional IRA contribution.

Typically when deposits are made on a monthly basis, the contributions would be designated for the tax year in which the deposit was made.  This means that the amounts contributed from January through April of 2018 would be designated for 2018, not 2017.  You would not include those months as a 2017 contribution unless you specifically designated it for 2017 through the financial institution receiving the deposits. 

You may want to verify your total contribution amount by contacting the financial institution so you can be sure it is entered properly on your return.