If I create and add funds to an IRA retirement account in March 2024, does that information go towards my 2023 or 2024 tax return?

Forum|Forum|2 years ago
February 27, 2024
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This is IRA is a personal account, and my employer did not contribute to it.

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Best answer by dmertz

It goes on the tax return that corresponds to the year that you told the IRA custodian that the contribution was begin made for. To be a 2023 contribution that would go on your 2023 tax return you were required to tell the IRA custodian that it was to be a contribution for 2023. If you did not tell the IRA custodian that the contribution was to be for 2023, it's a contribution made for 2024 that would go on your 2024 tax return.

If after making the contribution your IRA account statement doesn't make is clear which year the contribution was made for, ask the IRA custodian.

MinhT1

It can count as a 2023 contribution as you can contribute to your IRA for 2023 until April 15, 2024.

It would count for 2024 if you didn't deduct it in 2023.

Please read this IRS document for more information.

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Samsolve

Can go to tax year 2023 as long as you fund and file by tax cut off- The IRS federal tax filing cut off for 2023 tax year is April 15th 2024. You can also create/fund a new IRA in 2024, and file it with your 2024 tax return due in 2025, but you would be delaying any potential tax deduction.

Your state typically follows federal tax dates, but check yourself if you are cutting it close.

Link attached but IRS Publication 590 -A covers Contributions.

https://www.irs.gov/pub/irs-pdf/p590a.pdf

page 10 , lower right.

Contributions can be made to your traditional IRA for a year at any
time during the year or by the due date for filing your re-
turn for that year, not including extensions < typically April 15th unless 15th on weekend >