IRA contribution for 2019

Home Fairmark Forum Retirement Savings and Benefits IRA contribution for 2019

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  • #7381
    miamicuse
    Participant

    I am self employed.

    I would like to put some additional funds now, in July 2020, to the IRA account for the tax year 2019.

    If I were to transfer the funds now (to maximize tax benefits), now would I designate that particular transfer is for tax year 2019? I have already contributed some funds for tax year 2020.

    Or does it not matter, just transfer the funds and note the additional contribution on the tax return 2019?

    #7391
    Alan S.
    Participant

    The deadline to make a 2019 IRA contribution is just two days away (7/15/2020), so you probably do not have time for a transfer and would probably have to write a check for the contribution which you would flag as applying to 2019. It does not matter that you have already made a 2020 contribution, but you might also check your IRA statement to make sure the earlier contribution shows as a 2020 contribution.

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