Hi,
I have a client who accidently made an extra contribution at the end of December 2019 for his SIMPLE IRA for 2019. Basically they made 13 contributions that put them above the annual max.
Is it possible to count that one contribution as 2020? they intentionally made 11 contributions to the account (while withholding 12 times). The total number of contributions for the past two years is 24 times. There was 13 in 2019 ad 11 in 2020 .

I was once informed that custodians don’t really track exactly what year contributions are for. It’s client’s responsibility to track. i think it makes sense because custodians only record as money comes in. Typically, December contribution can be made in January in the following year.

I guess that form 5498 may show higher amount than annual max because it can include contributions made for the previous year.
but in this case, if client were to claim last December transaction as this year’s contribution, form 5498 will show less than what’s claimed on W2.

Would this be an issue?

Thank you.