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Roth contribution made after the deadline.

linduca1216
Level 5

Since made after the allowed time frame and will have to be removed (don't know why the institution even allowed it), does it even need to be shown on the tax year in question.   Technically, it was really not permitted.   (When it is removed, then the withdrawal will be reported in that year..)  Not sure it should even appear initially.  It currently creates a retirement savings credit if entered.

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11 Replies 11
jeffmcpa2010
Level 8

What do you think is the deadline?

linduca1216
Level 5

made in 2021 for 2019

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Just-Lisa-Now-
Level 15
Level 15
was this for a prior year? the 2020 deadline hasnt happened yet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
linduca1216
Level 5

yes... and the year it was to be made for, has since long passed the deadline

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qbteachmt
Level 15

"Technically, it was really not permitted."

This is why Details matter. Under which qualification do you consider it was not permitted?

 

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linduca1216
Level 5

It was made for 2019 in 2021.

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jeffmcpa2010
Level 8

I don't think that is possible, (I mean physically possible, as opposed to allowable) sounds like someone must have written something down wrong. Have you tried to confirm with the investment company that they recorded it that way?

qbteachmt
Level 15

"made in 2021 for 2019"

You are stating this was done Recently = 2021 is not even 4 months old, as of today.

How did they make it? How did they mark it that makes it "for 2019?" The receiving entity doesn't necessarily control or document this. Who made it, how, and how did they mark it so that you have proof it is "2019?"

While you can put into a Roth after the tax return is filed for that year, that still is subject to the contribution window, which for 2019 would have ended on July 15, 2020.

 

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linduca1216
Level 5

Yes, I realize the window was over.   Am thinking the 5498 will show the details.   Concern now whether to even enter it on the return.   It may generate a retirement credit calc that will have to be reversed down the road...

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linduca1216
Level 5
 
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linduca1216
Level 5

good point~

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