Author Topic: Oops! Overfunded IRA accounts  (Read 1174 times)

wileyish

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Oops! Overfunded IRA accounts
« on: January 03, 2015, 01:42:56 PM »
I screwed up. Last year when filing 2013 taxes I realized my income now exceeded the limits to deduct traditional IRA contributions, so I stopped my automated payments to that brokerage. Not before the January, 2014 sum of $200.00 posted though. I forgot about that transaction and this weekend opened a Roth IRA with a different firm for $5,500. That transaction posted on January 2, 2015.

When it comes to filing 2014 taxes, can I claim $5,500 towards 2014, and save the $200 overage for 2015?

Cwadda

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Re: Oops! Overfunded IRA accounts
« Reply #1 on: January 03, 2015, 02:20:00 PM »
Call up the institution and ask if they can recharacterize the excess over to 2015.