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  • What is the required beginning date?

  • An individual made an IRA contribution in March of 2011 and indicated on the IRA contribution form that the amount should be deposited as a 2010 contribution. He now realizes that the contribution created an excess for 2010 as he had no taxable income (for 2010). However, he will receive sufficient taxable income to cover the contribution for 2011 . Since the contribution was deposited in 2011, can he instruct his IRA custodian to make an adjustment so that the amount is reflected on their books and records and reported on IRS Form 5498 as a 2011 IRA contribution?