Announcement

Collapse
No announcement yet.

roth IRA 2020 deadline 5/17/2021 post filing contribution

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • roth IRA 2020 deadline 5/17/2021 post filing contribution

    Hello, This is my first year doing Roth IRA, and have no experience, and looking for kind advice from you guys,
    - If I made a contribution to Roth IRA in 2021, all before 5/17/2021 (the Tax deadline for 2020), can I still contribute 6000 for 2021 if we counted those initial contributions for the year 2020 (still less than the limit of 6000 for 2020).
    - And How do I make sure those contributions are counted toward 2020 since on my broker statement, it showed that those contributed in 2021 toward the 2021 limit?
    - Do I need to report anything to the IRS if I did this? Do I have to amend my 2020 taxes? Since Roth IRA are post tax and we don’t have to report them to IRS usually?

    I appreciate any input

  • #2
    If you’re statement says it is a 2021 contribution, I would believe that. You should have been asked when making the contribution what tax year you wanted it applied to. Just because it’s done before the deadline, doesn’t mean It applies to the prior year.

    you’ll need to fix it with your brokerage and amend your return if you truly made a 2020 contribution.

    Comment


    • #3
      you need to call your brokerage and ask if at this point you can get that contribution counted towards 2020. As pierre said, you were likely asked this when you made the contribution and it seems like you checked the wrong box. If you can get this fixed then you can do a 2021 contribution

      Comment

      Working...
      X