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qlu
New Member

2015 and 2016 traditional ira contributions

Hi, around March 2016, I contributed $11,000 to a traditional IRA.  $5500 was for the 2015 contribution, and $5500 was for the 2016 contribution.  These are nondeductible contributions because my MAGI exceeds the limits.  When I try to enter my contributions, it doesn't let me say which year it is for, and thinks I have an excess contribution.

(Also, if it's helpful to know, a month later I converted it to a Roth IRA and received a 1099-R.)

How do I report this in TurboTax so I avoid the excess contribution penalty?
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1 Reply
DianeW
Expert Alumni

2015 and 2016 traditional ira contributions

Complete a form 8606 for 2015 and then enter only your 2016 contribution for 2016.  This is a "stand-alone" form and can be filed immediately for last year.  

When and Where To File

File Form 8606 with your 2016 Form 1040, 1040A, or 1040NR by the due date, including extensions, of your return.

If you aren’t required to file an income tax return (already filed for 2015 and your contribution was non-deductible) but are required to file Form 8606, sign Form 8606 and send it to the Internal Revenue Service at the same time and place you would otherwise file Form 1040. Be sure to include your address on page 1 of the form and your signature and the date on page 2 of the form.

Proceed with your 2016 return as though the Form 8606 form had been already been filed for last year so that your current Form is accurate with your taxable IRA basis.

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