MaryK4
Expert Alumni

After you file

Your contributions are below the maximum contributions for tax years 2018 and 2019 so a Form 5329 is not needed because there is no excess contribution.  The income limitation that applies to traditional IRAs applies to the deductibility, which you already indicated you did not deduct, hence the 8606. 

 

You can open and make contributions to a traditional IRA if you (or, if you file a joint return, your spouse) received taxable compensation during the year.  You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. (Who Can Open a Traditional IRA?)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post