topic Re: IRA Deduction in After you file

IRA Deduction

ojoyner — Mon, 23 Feb 2026 14:17:28 GMT

I (thought) that I contributed the full IRA amount for 2021 in March of 2022 for the 2021, but my IRA company credited it to 2022. Now that I am filing for 2022 and was ready to contribute for 2022 they say, "you cant, you already contributed". The problem is that I took the 2021 deduction for the IRA contribution on my 2021 return. Will I get audited? How do I correct it? The IRA company says there is nothing that they can do. Do I file an amended 2021 return and back the IRA contribution out? if so, I will have to pay, and I really want the IRA benefit.

Re: IRA Deduction

fanfare — Thu, 23 Mar 2023 17:04:55 GMT

you can take the deduction now for 2022 .

you will have to amend your 2021 return to state the contribution was not made and you are taking off the deduction.

It will cost you.

@ojoyner

Re: IRA Deduction

fanfare — Thu, 23 Mar 2023 17:07:14 GMT

if your 2021 and 2022 income are comparable, it will even out to zero.

Re: IRA Deduction

ojoyner — Thu, 23 Mar 2023 17:12:22 GMT

I was afraid of this! So there is no way to make a contribution back to 2021 due to the mistake?

Re: IRA Deduction

Cynthiad66 — Mon, 23 Feb 2026 14:17:12 GMT

You can amend your 2021 tax return to delete the IRA contribution. Or you can try to get the financial institution to reclassify the contribution made in 2022 for 2021 since it was their error.

You should work with your financial institution to see if they will correct the error. Deadline may have passed but if all else fails. I suggest you amend the 2021 tax return to remove the IRA contribution.

Below is a link to IRS information regarding Trustee errors on for 5498.

Errors Made by Custodians on IRA contributions