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Full Version: Deadline for correcting an IRA excess contribution?
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Shelton
What is the deadline for correcting an IRA excess contribution that was made March 2001 for year 2000?
CheriB
I believe it is April 15th.
ERead
What is the correction? If the deposit was made in 2001, prior to 4/15, it can be counted for both the 2000 contribution and for 2001 - made in the tax year... outside of that, I would agree, correction needs to be made by filing deadline.
Shelton
Thanks -
I know its tax-filing deadline, plus extensions- however, there seems to be some confusion about which tax-filing deadline. The answers I have been given are

1) Because it was made FOR year 2000- the deadline to remove it is April 15, 2001 plus extensions
2) Because it was made IN 2001,the deadline is April 15, 2002- plus extensions.The focus is the year IN which it was made- not FOR the year it was made

Which is correct?

THanks
Shelton
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