BillM223
Expert Alumni

Retirement tax questions

dmertz took a little different tack than me, but we don't really disagree - the main question is how did the custodian report the contribution? Was the wrong box in line 7 checked or was the contribution put in the wrong box on the 5498?

 

Follow his train of thought - it's a little clearer than mine - and have a chat with your IRA administrator to see what they did. As dmertz says, if they reported in both in line 7 and in line 1 as a traditional IRS contribution, then you have the two choices outlined above.

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