IRA contribution for 2019

Home Fairmark Forum Retirement Savings and Benefits IRA contribution for 2019

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  • #7381

    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?

    Alan S.

    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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