IRA contributions for 2016

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Under the traditional IRA contributions for 2016, there is another question that states: “Tell us how much of the above total contribution for 2016 you contributed between January 1, 2017 and April 18, 2017”. Can you explain the Jan 01, 2017 to April 18, 2017 part of this question? Is that an estimate amount for 2017 to list as obviously one would have not yet contributed for 2017 yet.

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KrisD15

It has to do with the fact that if you contribute before "Tax Day" you can get the credit for the prior year.

Taxpayers have the right to claim an adjustment for a contribution to an IRA account for the tax year it was made, or up until Tax Day of the following year, for the 2016 Tax Year that is April 18th 2017.

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D

dmertz

Employee

You can file a tax return showing a contribution made for 2016 (in 2017) even if you have not yet made the contribution when you file. However, if by the April 18, 2017 deadline you fail to contribute the exact amount that you reported on your already-filed tax return, you'll have an erroneous tax return that you'll have to amend.