Save time with our cheat sheets, fact sheets, checklists & books!

February 18, 2009

Carryback Contribution

Your Guide



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 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.


Keep Learning


Definition A deduction is a Tax write-off which is allowed for contributions to traditional IRAs or employer sponsored plans. Individuals who are active participants are

Annual Addition Limit

Definition The annual Addition limit is the maximum amount that may be added to a defined contribution plan on behalf of a participant for any

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan  established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Be among the first to know when

IRA Rules