Retirement tax questions

DanaB27 · ‎April 10, 2023

No, you cannot apply the 2021 traditional IRA as a 2022 contribution.

Yes, you will keep track of your basis (nondeductible traditional IRA contribution) on your last filed Form 8606. Please see When to File Form 8606 for additional details.

As long as you had enough taxable compensation to make the IRA contribution then it wouldn't be an excess contribution. If it was an excess contribution then you would have gotten a warning that it was an excess contribution and not just the warning that it is nondeductible because of your MAGI.

If it was only nondeductible you get the screen "Income was too high to deduct an IRA contribution":

If it was an excess contribution you get a "Your IRA contribution isn't permitted" screen and then a "You have currently a Penalty":

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