able to make IRA contribution due to amended return ?

24 views
Skip to first unread message

JGE

unread,
Dec 9, 2021, 11:10:43 PM12/9/21
to
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 ?

--
<< ------------------------------------------------------- >>
<< 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

unread,
Dec 10, 2021, 10:17:30 AM12/10/21
to
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).

Ira Smilovitz, EA
Leonia, NJ
Reply all
Reply to author
Forward
0 new messages