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jhansalia
New Member

How do i add a traditional IRA ($5500) i opened years ago but did not report on taxes? i make too much, so no deduction

while doing my 2014 taxes, i opened a new traditional IRA in 2015 (3/15), but i did not put that on my 2014 taxes (turbotax).  Do i need to?

1 Reply
Rachel_W
Level 4

How do i add a traditional IRA ($5500) i opened years ago but did not report on taxes? i make too much, so no deduction

When you make a Non-Deductible Traditional IRA Contribution, you need to include Form 8606.  If you forgot to file it with your return, you can send it in separately now.  If you made the Traditional IRA Contribution for Tax Year 2014, you should file a 2014 Form 8606.

Here is a link to the 2014 Form 8606https://www.irs.gov/pub/irs-prior/f8606--2014.pdf

Here is a link to the 2014 Form 8606 Instructions: https://www.irs.gov/pub/irs-prior/i8606--2014.pdf

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