@vijayc05 wrote:
Thanks all for the help. Here is what I ended up with:
My taxable income actually worked out to $0 for 2020, which is why no contributions were permitted for 2020.
After speaking with my Advisor, I realized that I had the option of claiming the deductions for this year's contributions on either 2020 or 2021's returns. I had apparently already allocated these contributions to 2021, so do not need to include them on my 2020 return, and thus should not need to amend my return.
If nothing had been entered on the 2020 tax return then there is nothing to do. You will report it next year on your 2021 tax return.
**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.**
