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able to make IRA contribution due to amended return ?
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JGE
Dec 9, 2021, 11:10:43 PM12/9/21
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In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, due to having no compensation income (retired).
However, we just filed an amended return, changing filing status to MFJ, for a variety of reasons. If we had done that originally, I would have been entitled to make a Roth contribution or a deductible TIRA contribution.
Question: Can I retroactively make a 2020 IRA contribution ? Not TIRA, since it would affect the return we just filed. But, a Roth one ?
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However, we just filed an amended return, changing filing status to MFJ, for a variety of reasons. If we had done that originally, I would have been entitled to make a Roth contribution or a deductible TIRA contribution.
Question: Can I retroactively make a 2020 IRA contribution ? Not TIRA, since it would affect the return we just filed. But, a Roth one ?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
ira smilovitz
Dec 10, 2021, 10:17:30 AM12/10/21
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On Thursday, December 9, 2021 at 11:10:43 PM UTC-5, JGE wrote:
> In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, due to having no compensation income (retired).
>
> However, we just filed an amended return, changing filing status to MFJ, for a variety of reasons. If we had done that originally, I would have been entitled to make a Roth contribution or a deductible TIRA contribution.
>
> Question: Can I retroactively make a 2020 IRA contribution ? Not TIRA, since it would affect the return we just filed. But, a Roth one ?
>
> --
No. Any 2020 contribution to a traditional or Roth IRA needed to be completed by May 17, 2021. (usually April 15). Had you amended your return before May 17, you could have made the contribution(s).
> In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, due to having no compensation income (retired).
>
> However, we just filed an amended return, changing filing status to MFJ, for a variety of reasons. If we had done that originally, I would have been entitled to make a Roth contribution or a deductible TIRA contribution.
>
> Question: Can I retroactively make a 2020 IRA contribution ? Not TIRA, since it would affect the return we just filed. But, a Roth one ?
>
> --
Ira Smilovitz, EA
Leonia, NJ
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