Can you ask a bank to submit a correction to 5498

Forum|Forum|1 year ago
May 30, 2024
2 replies
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In Apr 2023 I mad an IRA contribution for 2022. They labeled it 2023. Then when I made a 2023 contribution in Apr 2024 they reversed my contribution saying I over contributed for 2023. I want the to correct the first contribution and still accept my 2nd one

TurboTax Online

Best answer by dmertz

Did you explicitly request that the contribution made in April 2023 be a contribution for 2022 and do you have documentation to back that up? If so, there might be a small chance that you can get the bank to correct it as a bookkeeping error. Otherwise, the deadline to make the correction that you are suggesting was April 18, 2023.

Even if you could make the correction, you are past the deadline to make a separate contribution for 2023, so there is really no point in attempting any correction. The bank has already refused your attempted separate contribution for 2023.

Opus 17

Employee

You can always ask, but there is no guarantee they will accept the change. You would have to provide convincing proof that you intended the April 2023 contribution to be for 2022 and that you indicated that to the bank at the time. Do you have a copy of your receipt showing it was a 2022 contribution? Usually, when you want to make a prior year contribution, you must use a different form or make a different menu selection on the web site if you are making an electronic transaction. If you forgot to do that, or can't prove you did that, they probably won't accept your request. It might also be too late, even if you can prove your intent. You should have checked your records with the bank and asked for a correction as soon as possible.