Prior-year contribution and 8606

[Novahut]

Hi,

I have a question about form 8606 and prior year contribution.

-a non-deductible IRA contribution was made on Nov 2023 for 2023 year, then in Jan 2024 more non-deductible contributions were also made for 2023 year. 

-Form 5498 that gets generated in/around May shows the total amount that was contributed 2023.

-Form 8606 was no filed for 2023 (and it should have). Form 8606 must be submitted for 2023 (and perhaps with the $50 penalty fee). The questions is: 

1) Since some of the contributions were actually done in 2023 and some in 2024, what gets recorded on form 8606? The total amount contributed (in Nov '23 and Jan '24), the amount contributed in 2023, or the amount contributed in 2024?  

2) There were non-deductible IRA contributions made in 2024 for the 2024 year, however, form 5498 that shows the amount of contribution does not get generated until after the deadline for tax filing. Do you get the contribution amount from your bookkeeping records? 

Thank you!

[MaryK4]

For each tax year 8606, you indicate the amount you are designating nondeductible for that tax year, so you will include for 2023 the amounts you made in 2024.

Yes, you are required to keep your own records for the 8606 and make sure that they match up with the 5498 and 8606s as filed.