Traditional IRA contribution with refund after filing taxes

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System1
Posts: 18
Joined: Thu Sep 12, 2019 10:08 pm

Traditional IRA contribution with refund after filing taxes

Post by System1 »

I'm planning to make a spousal traditional IRA contribution in 2019, but I would like to wait until I receive my tax refund if possible. Assuming I file early enough to receive the refund well before April 15, can I assume I'm making the contribution in my initial filing or will I need to file without the contribution and file an ammended return to take the deduction? If I need to file an ammended return then I'll probably just make the contribution now, but if I can assume the contribution and take the deduction now, then I will do that. I haven't done a Trad IRA contribution before so I don't know what documentation is required.

BTW, I have a 401k and my spouse does not, and I'm over income to deduct my Trad IRA contribution, but not for a spousal contribution. We are in the 22% bracket if that matters.

Thanks!
mcraepat9
Posts: 1619
Joined: Thu Jul 16, 2015 11:46 am

Re: Traditional IRA contribution with refund after filing taxes

Post by mcraepat9 »

System1 wrote: Sat Dec 28, 2019 12:41 pm I'm planning to make a spousal traditional IRA contribution in 2019, but I would like to wait until I receive my tax refund if possible. Assuming I file early enough to receive the refund well before April 15, can I assume I'm making the contribution in my initial filing or will I need to file without the contribution and file an ammended return to take the deduction? If I need to file an ammended return then I'll probably just make the contribution now, but if I can assume the contribution and take the deduction now, then I will do that. I haven't done a Trad IRA contribution before so I don't know what documentation is required.

BTW, I have a 401k and my spouse does not, and I'm over income to deduct my Trad IRA contribution, but not for a spousal contribution. We are in the 22% bracket if that matters.

Thanks!
You are permitted to take a deduction for your 2019 traditional IRA contributions as long as the contribution is made by April 15, 2020. The contribution does not need to be made prior to filing in order to take the deduction.
Amateur investors are not cool-headed logicians.
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