Make a 2015 IRA Contribution at the end of 2014?
Is it possible to make a contribution into an IRA at the end of tax year 2014 and designate it as a 2015 IRA contribution? Or if I make a 2014 contribution at the end of 2014 and find out when I file my tax return in February of 2015 I am not eligible for a 2014 contribution because of income limitations can I have that IRA contribution made in November or December of 2014 changed to a 2015 contribution?
Permalink Submitted by Alan - IRA critic on Sat, 2015-03-07 21:01
No. A contribution made in 2014 after 4/15 can only be a 2014 contribution. You can request a return of your 2014 contribution with earnings and have the custodian take that money and make a 2015 contribution for you. But the earnings will be taxable in 2014 if you made the contribution in 2014.