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I accidentally claimed non deductible ira when I have a traditional ira. Will that affect my return?

I shouldn’t have claimed the non deductible but my w2 shows taxable
Income actually includes the amount from
My Ira so I think it’s ok
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2 Replies

I accidentally claimed non deductible ira when I have a traditional ira. Will that affect my return?

if you don't want to track a basis you either choose deductible or you tell the custodian to withdraw the funds before April 18th.

 

@msupolitical 

ThomasM125
Expert Alumni

I accidentally claimed non deductible ira when I have a traditional ira. Will that affect my return?

You mention an IRA and then reference your W-2 wage reporting, which makes me wonder if you are confusing a 401-K plan with an IRA. If you have a 401-K through your job, it may be deductible or not, depending on if it is a ROTH 401-K or a traditional 401-K. The Roth plan is not deductible and the regular 401-K plan is. But an IRA is separate from your employer, it is something you would do on your own, and you can choose to either make deductible contributions (traditional IRA) or non-deductible contributions (ROTH IRA). 

 

If you entered an IRA contribution in TurboTax, you would have to tell the program if it was a traditional or ROTH plan. If you did that wrong, you would need to correct that. If you are talking about a 401-K plan, that is reported on your W-2 form,  you don't need to do anything special with that, just enter your W-2 form information. 

 

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