Janitor Bob Posted March 27, 2015 Report Share Posted March 27, 2015 Clients deposited into their IRAs in March 2014 for tax year 2013. Later in 2014, they contributed for tax year 2014. This past January 2015, they deposited again for tax year 2015. Just to clarify...the January 2015 deposits can be for Tax year 2015...correct? I want to make sure that these would not be considered non-deductible contributions for tax year 2014 (since they already contributed max amounts back in 2014 for tax year 2014 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 27, 2015 Report Share Posted March 27, 2015 Clients deposited into their IRAs in March 2014 for tax year 2013. Later in 2014, they contributed for tax year 2014. This past January 2015, they deposited again for tax year 2015. Just to clarify...the January 2015 deposits can be for Tax year 2015...correct? I want to make sure that these would not be considered non-deductible contributions for tax year 2014 (since they already contributed max amounts back in 2014 for tax year 2014 You are correct. Contributions from Jan.1, 2015 thru Apr. 15, 2015 can be designated for either 2014 or 2015. The client just needs to be sure that the person taking the deposit notates it correctly. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 27, 2015 Report Share Posted March 27, 2015 JB you are correct as Jack states and follow his direction on this. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 27, 2015 Report Share Posted March 27, 2015 Yes, during the period between 1/1 and 4/15 of each year, taxpayers can choose which year the contribution is for. Since they maxed out the contribution for 2014, the Jan 2015 should be designated for 2015. Quote Link to comment Share on other sites More sharing options...
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