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IRA tax year

I contributed 3000$ towards Roth IRA for the Tax year 2003. I made this contribution sometime between Jan and March of

2004. At the time of contribution I had the choice of choosing the contribution towards 2003 or 2004, and I decided to contribute to 2003. But now I realize that I should have contributed that amount to 2004 instead of 2003, which would have benefited me in some other ways.. Is it possible to change that decision now.. Pls. note that I didn't make any IRA contributions towards 2004. Thanks.

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Reply to
anand
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No. That deadline is long gone.

Since Roth contributions have no effect on your taxes, and you're closer to satisfying the Roth 5 year period with a

2003 contribution than a 2004 I can't see any tax reason why you would be better off changing it even if you could.

-- Phil Marti Clarksburg, MD

Reply to
Phil Marti

No. You choose the year with the custodian (broker/bank) of your IRA. i.e. you didn't make the decision of the tax year on your taxes, you made it upon depositing the money. JOE

Reply to
joetaxpayer

Like the mother told her unmarried pregnant daughter. "Sigh! oh well, what's done, is done." See the similarity? (grin

ChEAr$, Harlan Lunsford, EA n LA

Reply to
Harlan Lunsford

Not entirely true, roth IRA has tax effects, when the AGI drops below the limit, $50,000 for example for married couple filing jointly.. Then the of ira contribution I believe will get some tax credits...

Our (married filing jointly) AGI for 2004 was less than $50,000 for 2004 and more than $50,000 for 2003, I would have been better off making that contribution towards 2004, thus claiming some credits as I mentioned before...

Reply to
anand

Not true, I made the decision because the date of contribution fell between Jan 1st and April 15th. WHen the contribution date falls between Jan 1st and the tax filing deadline fot the year, you have the option to make the contribution to the current year or the previous year... For example, if I were to make an IRA contribution today (2/19/2007) I can choose to contribute towards 2006 or 2007. D

Reply to
anand

Yes it is true. And, it is just like _you_ said. When you make a IRA contribution with a _custodian_ between Jan 1 and Apr 15, you have to specify to the _custodian_ which year the contribution is for. The _custodian_ will then report your choice to the IRS the year of your choose. When you file your taxes you must report the contribution for the same tax year that you previously chose with the _custodian_. That is where you had the option and made your choice; with the custodian and a not when you filed your taxes. You can not later amend your taxes to change your choice because the tax forms were not where the choice was made, and I know of no procedure or law that would allow the custodian to change the year of contribution after the fact.

Not if you have already previously made the maximum contribution to your 2006 IRA during 2006. You don't get to add beyond the maximum by contributing more now. I know that is not the question you asked. I just want to be sure that you understood that.

--

-Ernie-

Reply to
Ernie Klein

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