IRA contribution year changes 

What is a contribution year change? 

Why would I request a contribution year change? 

Tax considerations and reporting 

Request deadline 

Contribution year changes at M1

 

What is a contribution year change? 

A contribution year change allows an IRA contribution to be counted toward a different tax year than the year that was originally selected. 

When making a Traditional or Roth IRA contribution, it’s important to pay attention to the tax year that your contribution is being counted toward.  

IRA contributions can always be made for the “current year” but may also be made for the “prior” year between January 1 and the tax filing deadline, not including extensions. 

 

Date of contribution Contribution year selection
January 1- tax filing deadline Current year or prior year
Day after tax filing deadline- December 31 Current year only 

Please note that the tax filing deadline was April 18, 2022.

 

Why would I request a contribution year change? 

If either of these occur, you might consider requesting a contribution year change.   

  • An error was made when selecting between the current and prior year. 
  • Your contribution limit has been reached for a tax year. 

Tax considerations and reporting 

Although contribution year changes are not considered to be taxable events, you'll receive a Form 5498 for each tax year that contributions have been made to your IRA.  

If a contribution year change is processed after you have received a Form 5498, an updated form will be sent following the change.  

SEP IRA contributions are ineligible for contribution year changes. Contributions to SEP IRAs will always be reported on Form 5498 for the tax year in which they are made.  

 

Request deadline

The contribution year change deadline is July 1. Please request your contribution year change at least two weeks before the deadline.

Due to the high volume of requests received leading up to this deadline, we can’t guarantee that the changes requested after June 16 will be completed prior to this deadline.

 

Contribution year changes at M1 

If you would like to request a contribution year change for a Traditional or Roth IRA deposit, please use this link to access the IRA contribution year change request form and complete all required fields:

  • Account Number (to find this information, please follow the steps here)
  • Date the contribution was completed
    • If requesting multiple contribution year changes, input "SEE ATTACHED" in the contribution date field. Then contact us with the corresponding dates and amounts for each contribution.
  • Amount of the contribution
    • If requesting to change multiple contributions, please use the total amount to be changed on the IRA Year Change form.
  • Account type the contribution was made into
    • Traditional or Roth IRA
  • New tax year for the contribution (must be 2023 or 2024)

Keep in mind, the contribution must have completed between January 1st, 2024 and the tax filing deadline to be eligible for a contribution year change.

Once our team receives the appropriate information, it usually takes 3 business days to process your contribution year change.  

Due to the high volume of requests received leading up to this deadline, we can’t guarantee that the changes requested after June 16 will be completed prior to this deadline

 

M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

 


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