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How do I contribute to last year’s IRA limit in my Guideline account?
How do I contribute to last year’s IRA limit in my Guideline account?
Updated over a week ago

You can make contributions toward a previous year’s IRA (known as a carryback contribution) up until the tax filing deadline, as long as you earned taxable income in that year.

The amount you can contribute is based on the year’s IRS limit for IRAs or your taxable compensation for the year if it’s below the limit.

How to contribute to last year’s IRA in your Guideline dashboard

  1. Log in to your IRA account and select Contribution from the top menu.

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  2. Select your desired IRA account (pre-tax/traditional or Roth) and your bank account information. Then, select the previous year within the Tax Year section to make a carryback contribution. Note if you would like to make both traditional and Roth IRA carryback contributions, you will need to complete this process for each account type.

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  3. Enter the date you want the contribution sent and the amount. And finally, hit the "Submit" button. If your carryback contribution will push you over the year’s IRA limit, we’ll let you know.* Otherwise, it will be scheduled accordingly.

To learn more about carry back contributions and the potential benefits of doing so, see here.

* The amount reflected for your IRA contributions for a given tax year does not take into consideration any contributions made to IRAs outside of Guideline that could count toward the IRS annual limit.

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