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ebertrm
New Member

Deducting the "nondeducting contribution" difference in 2018 to 2019

In 2018, we did an IRA contribution of $2300.  Only $1730 was deducted due to a retirement plan at work.  Are we able to deduct the remaining $570 for this year?  I rec'd form 5498 for 2018, but it shows the $2300.  Does it need to say 2019?  Thanks!

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1 Reply
dmertz
Level 15

Deducting the "nondeducting contribution" difference in 2018 to 2019

No, a nondeductible traditional IRA contribution is not deductible in a future year.

 

Forms 5498 simply show all contributions made for the year, in this case contributions for 2018, not whether they are deductible or not.  Your IRA custodian has no way to know if you are eligible to deduct contributions. 

 

Your IRA contributions for 2019, if you make any, will be reported on a 2019 Form 5948 issued near the end of May 2020.

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