USA correcting a 2014 IRA contribution

[Janet]

I suspect I already know the answer, but anyway I accidentally moved my 2014 contribution into my husband's IRA account instead of my own. He, also, contributed to his IRA account. Is there any way for me to still get my deduction for 2014? We file jointly and as a couple have not over contributed, but the contribution is in his IRA only. I suspect we need to remove his excess contribution and forfeit the deduction for my erstwhile contribution, but I thought I'd ask just in case...

 

[smallbushelp]

I'm not an expect on IRA contributions but my first thought was, are the IRAs administered by the same financial institution? Have you contacted them to see if the funds can be transferred from one account to the other? Other than that, I think you're right; no deduction for you this year.

You may want to contact a tax accountant who has experience with IRA deductions.