Question

IRA withdrawals and deposits.

Forum|Forum|4 years ago
March 21, 2022
1 reply
0 views

My spouse retired last year (in November), and we needed a little more income, but I took out too much.

Can I make a deposit to lower 2021's AGI by April 15 even though we took a withdrawal? Does it matter whose account we deposit it in? It will be easier for me to deposit it in mine. (I am unemployed, 56. My spouse is retired, age 67)

Thanks.

KrisD15

To clarify,

Whose IRA did you take a distribution from?

Since you are not yet 59 1/2, will you be charged a penalty?

Do you each have an IRA?

If you took the distribution in 2021, the 60 day window has expired for doing a roll-over.

Yes, you can make a deposit for tax year 2021 as long as it is done by April 18th 2022 and you tell the bank it is for 2021.

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fanfare

Employee

if you were unemployed in 2021, you had no earnings.

If your husband is retired, he had no earnings.

Without earnings, you can't make an IRA contribution.

fanfare

Employee

@dj21108

if your husband had a retirement plan last year, the allowed deduction for a contribution is affected by his earnings (AGI).

OR

he can make a deductible contribution to your IRA as a spousal IRA contribution.

IRA withdrawals and deposits.

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