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mprothme
New Member

Correcting IRA Deductions, I've unintentionally been contributing to a Roth IRA instead of a traditional IRA

In 2020 I set up IRA retirement accounts with T. Row Price for my wife and myself and have been contributing to each annually and have those contributions as deductions on my taxes.

 

I'm not sure how I missed this, but when I was doing our contributions for 2023 I found out that I'd clicked Roth IRA instead of traditional when I set up one of the accounts.

 

I've created a traditional IRA so my contributions for 2023 are in the right place, but how do I remedy the deductions for prior years?

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1 Reply
DanaB27
Expert Alumni

Correcting IRA Deductions, I've unintentionally been contributing to a Roth IRA instead of a traditional IRA

If you made contributions to a Roth IRA but deducted contributions to a traditional IRA then you will have to amend your tax returns to correct the incorrect entry. Please see How do I amend my federal tax return for a prior year?

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