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Learning, Sharing, and Teaching => Investor Alley => Topic started by: wileyish on January 03, 2015, 01:42:56 PM

Title: Oops! Overfunded IRA accounts
Post by: wileyish 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?

Title: Re: Oops! Overfunded IRA accounts
Post by: Cwadda on January 03, 2015, 02:20:00 PM

Call up the institution and ask if they can recharacterize the excess over to 2015.