Made non-deductable traditional IRA contribution for 2020 after I filed, need an amendment?

Hello, 

 

I made an after-tax non-deducible traditional IRA contribution of $6000  for the tax year of 2020 after I filed my tax return. 

Since it is an after-tax contribution, doesn't have any affect on the taxes I paid. Do I have to file an amendment and if yes, how do I do that?

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@mokus wrote:

Hello, 

 

I made an after-tax non-deducible traditional IRA contribution of $6000  for the tax year of 2020 after I filed my tax return. 

Since it is an after-tax contribution, doesn't have any affect on the taxes I paid. Do I have to file an amendment and if yes, how do I do that?


Yes, it must be reported on a 8606 form as part of your 2020 tax return on line 1,3,& 14.

 



You should *wait* until your return has been processed and you receive your refund or conformation that any tax due has been paid. (If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time). In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment – a sticky process that can take a year or more).

-- Then you can start the amend process.

-- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.

See this TurboTax FAQ for help with amending:

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
https://www.irs.gov/filing/wheres-my-amended-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.**

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