Amend 2020 Return

[cole bailey]

Hi everyone. I'm rather new to message boards and I hope this isn't a redundant question.

I used TurboTax free file my 2020 return. After filing, I've received a form 5498 from my credit union for a small IRA contribution I had forgotten I made for tax year 2020. When I go to amend my 2020 return, it tells me "Amending a prior year return is not currently supported by IRS Free File Program delivered by TurboTax." I called customer service today while at work, and the very helpful representative I spoke to sent me two links, both of which take me to the same screen that give the same generic directions. Does anyone have any advice on how to proceed? Should I fill out a 1040-X myself? Should I seek assistance from a local tax agency? Any advice is very appreciated!

[cole bailey]

And here I am replying to myself. I just found this article on the turbotax site (should have googled form 5498 first).

"Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer - not you - is required to file this form with the IRS by May 31."

Am I understanding correctly that I am not required to report a 5498 form on my tax return? I am so embarrassed, I'm so sorry for taking up your time - But I do hope this post helps someone in a similar situation!

[VolvoGirl]

No you don't have to report the actual 5498.  But you do need to report the IRA contribution.  If it was to a Traditional IRA account you might qualify to deduct it.    And to see if you qualified to make a IRA contribution in the first place even if it is not deductible.  

[fanfare]

your IRA contribution may or may not be deductible.

Even if not deductible, you have to report your IRA contributions.