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
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- 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)
