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Retirement tax questions
@FrauStachowski wrote:
Oh, this is brilliant, thank you so much!
Because neither of us has an employee sponsored retirement plan we can deduct our IRA contributions. For 2023 I erroneously failed to include the contribution so I'm guessing that now I need to file an amendment for 2023 and include the $7,500 deductible IRA contribution? And for 2024 I will include the IRA contributions as I should.
Yes you need to report the contribution to a traditional IRA on an amended 2023 tax return. Start by reporting it as a Roth contribution and then report the Recharacterization. Instructions are here.
If the contribution is tax-deductible, you will get a refund if you did not already take the deduction. If the contribution is non-deductible (due to your income or by choice) then you will generate a form 8606 that you need to keep a copy of.
Yes, new 2024 contributions are reported on your 2024 tax return in the normal way.