Prior year contribution(s) into Acorns Later

To optimize retirement investing, many investors max out their annual contribution limit. 

If you don’t reach your IRA maximum contribution limit in a given year, the IRS lets you make a contribution in the following year, up until the tax deadline. That contribution will count toward the previous year’s limit.

It’s called a “prior year contribution”.

Acorns Later customers can make a prior year contribution from January 1 to April 11th. (While taxes are generally due on April 15th, the tax year is recorded when the contribution transactions settle, so your prior year contribution must be created a few days prior to the 15th).

How to make a prior year contribution:

1. Log into your Acorns app
2. Tap "Later" 
3. Tap "Transfer in"
4. Select the tax year you would like your contribution applied to using the “Tax Year” dropdown.

If you have any issues making a prior year contribution, it might be because it's past the tax filing deadline, or you exceeded your contribution limit. 

Your tax situation is unique, so you may want to consult a tax advisor or visit www.irs.gov with any questions to see if you're eligible for a past-year contribution and how to report it to the IRS. 

Acorns cannot provide tax advice, but if you have any questions or concerns about your Later account, please contact us.

We hope this helps you grow your oak!