Can I amend my prior year tax return for IRA contribution?

[AmyD]

I made IRA contributions in 2022 and used it on my 2021 tax return. It was calculated at the .2 multiplier. This year, I can use the .5 multiplier. Can I amend my 2021 taxes so I can include that IRA contribution this year and would it make sense to do so?

[MinhT1]

If you made an IRA contribution before April 15, 2022 and applied it to tax year 2021, but now want to apply it to tax year, you have to ask your IRA custodian to reclassify it to apply to tax year 2022. 

If your IRA custodian agrees to reclassify then you can amend your 2021 tax return and claim the contribution on your 2022 tax return.

[dmertz · Accepted solution]

No, you cannot do this.  The deadline to have the IRA custodian reclassify the contribution was April 18, 2022.

If you want to get the 50% Retirement Savings Contributions credit for 2022 and you have the compensation to support the contribution, you must make a new contribution of up to $2,000 for 2022.