IRA Year Mistake
I made an IRA contribution in January of 2016 for my 2015 taxes, but it was coded as a current year investment. I filed my 2015 taxes with that amount and wanted to do new IRA's for my wife and me this year 2018, for 2017 taxes and cannot. What do I do?
Terry Says
That's an expensive mistake. I think it would be impossible to get the forms corrected for your contribution made last January. And if you deducted it on your 2015 tax return, you might have a fight with the IRS. Then again, they may not notice it. Or you might want to go back and amend the 2015 return --but that could really stir things up, and be costly as well. You might want to consult a CPA on this. I'd suggest waiting until January,2018 to make a contribution for that year. Make it early in the year, and the money will have longer to grow.