Hello folks,
A question about how IRA contribution year is calculated.
DW opened a new IRA account sometimes in 2014. She made her first contribution of $3500 on 4/17/2015. We filed taxes on 4/18/2015 for the year 2014. So essentially this contribution was for year 2014.
This year, she contributed $3000 on 3/11/16 and we filed taxes on 3/16/2016. This contribution was for year 2015.
We have mentioned both of these contributions in IRS filing.
Today, she gets an email from the broker website that she has contributed $6500 for year 2015, which is higher than the limit of 2015, $5500.
I wonder, if their statement is correct. If yes, how does one address this. If no, do I just give them the info above and it will be sorted out? I have never faced this thing before and quite confused.
Many thanks in advance.
A question about how IRA contribution year is calculated.
DW opened a new IRA account sometimes in 2014. She made her first contribution of $3500 on 4/17/2015. We filed taxes on 4/18/2015 for the year 2014. So essentially this contribution was for year 2014.
This year, she contributed $3000 on 3/11/16 and we filed taxes on 3/16/2016. This contribution was for year 2015.
We have mentioned both of these contributions in IRS filing.
Today, she gets an email from the broker website that she has contributed $6500 for year 2015, which is higher than the limit of 2015, $5500.
I wonder, if their statement is correct. If yes, how does one address this. If no, do I just give them the info above and it will be sorted out? I have never faced this thing before and quite confused.
Many thanks in advance.