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February 18, 2009

Carryback Contribution

Your Guide

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Definition

Contribution made to a Roth IRA, Traditional IRA or education savings account, from January 1 through to April 15 of the current year , and designated as a contribution for the previous year

Referring Cite

IRC § 219 , IRC § 530, IRS Publication 590 and 970, Instructions for Filing IRS Form 5498 and 5498-ESA

Additional Helpful Information

    • The IRA owner should provide  the financial institutuon with a written election to designate a contribution as a carryback contribution
    • A contribution is treated as a carryback contribution  if it is irrevocably specified in writing ,to the financial institution,  that the amounts contributed are for the previous year  Cite Prop. Treas. Reg. 1.219-1(d)(2)

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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