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February 18, 2009

Carryback Contribution

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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)
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