@Chi-Ngo wrote:
I made a $12,000 contribution ($6,000 for 2019 and $6,000 for 2020) in January 2021. I recorded the $6,000 contribution in my 2020 tax return in Form 8606, but I haven't gone back to report the $6,000 contribution for 2019. I've read some posts in the Community about not needing to amend my 2019 tax return and being able to file a stand-alone Form 8606 for 2019. The post says to search for "8606, nondeductible ira contributions" once you're in the prior year return and jump to filing the form, but I don't see that option / have the ability to do that in TurboTax Online.
When did you make the 2019 contribution? It could be no later than the 2019 filing date which was July 15, 2020. If after then then it was an excess contribution and must be removed but I know of no financial institution that would allow a 2019 contribution after the due date.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
