AmitaR
Employee Tax & Finance Expert

Get your taxes done using TurboTax

Good Afternoon Nysrich,

If you made contributions to an IRA in 2023 and your AGI was too high to take the deduction, then it is non-deductible contribution and you have basis in the IRA.  The "Basis" means this contribution is with the "after-tax" money and when you take a distribution, it won't be taxed again.  It is all reflected on Form 8606, Nondeductible IRAs.  

What is IRS Form 8606: Nondeductible IRAs

No, you can not take a deduction in 2024 for a contribution that you did in 2023.

 If the 2023 IRA contribution was made in 2024 by 4/15 designated for 2023, you could possibly reclassify the contribution date as being 2024. 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

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