IRA Contributions for Previous Tax Year
I have an IRA with Etrade and I’m given an option to contribute funds for 2015 and 2016. I’ve already filed for 2015. If I contribute to both (exceeding the max for 2016), will I be able to deduct the total for both years on my 2016 filing?
Permalink Submitted by Alan - IRA critic on Tue, 2016-04-26 17:36
It is too late to contribute for 2015, as the deadline for a 2015 contribution was 4/18/2016. Also, you can only deduct the individual year contribution limit in any particular year. If you contributed by 4/18 and failed to specify the year the contribution was for, you can still specify that now if the custodian gives you that choice. If you qualify for the deduction for 2015 and already filed, you need to file an amended return to take the deduction if you did not claim it on your filed return. You cannot claim both contributions on your 2016 return.