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.
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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