Contribution year
Generally, the contribution year is the period that:
- begins on the 61st day of a year, the last 10 months (March to December) of the tax year
- ends on the 60th day of the following year
However, the start of a "contribution year" depends on whether the end of the previous contribution year falls on Saturday or Sunday. In such cases, the preceding contribution year ends on the first business day that follows that Saturday or Sunday, and the start of the current contribution year begins on the day after that first business day.
| Tax year | 1st contribution period | 2nd contribution period |
|---|---|---|
| 2018 | March 2, 2018 to December 31, 2018 | January 1, 2019 to March 1, 2019 |
| 2019 | March 2, 2019 to December 31, 2019 | January 1, 2020 to March 2, 2020 |
| 2020 | March 3, 2020 to December 31, 2020 | January 1, 2021 to March 1, 2021 |
| 2021 | March 2, 2021 to December 31, 2021 | January 1, 2022 to March 1, 2022 |
| 2022 | March 2, 2022 to December 31, 2022 | January 1, 2023 to March 1, 2023 |
| 2023 | March 2, 2023 to December 31, 2023 | January 1, 2024 to February 29, 2024 |
Example
For the 2023 contribution year, which begins on the 61st day of 2023 (March 2) and ends on the 60th day of 2024 (February 29), each record for a particular contributor to a particular plan would provide a breakdown of the total contributions made during the following periods: March 2, 2023, to December 31, 2023, and January 1, 2024, to February 29, 2024.
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