Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can I direct part or all of my refund to my prior year individual retirement account (IRA)?

0

IRS will deposit your refund to any of your checking or savings accounts with U.S. financial institutions per the account and routing numbers you provide, but you should ensure your financial institution will accept direct deposits to prior year IRA accounts. As with all IRA deposits, the account owner is responsible for informing their IRA trustee of the year for which the deposit is intended and for ensuring their contributions do not exceed their annual contribution limitations. IRS direct deposits of federal tax refunds will not indicate a contribution year for IRA accounts. If you fail to notify your IRA trustee of the intended year for the deposit, your trustee can assume the deposit is for 2008.

0

Once you file your 2007 income tax return you may not put money in your IRA for that year.

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.