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dmertz
Level 15

2017 put 5500 after tax earnings into TRADITIONAL IRA but could not use deduct as I made to much -money was in there about a week, now getting hit with penalty??

Blame Congress.  They didn't make any of this easy. šŸ˜‰
BIRDMAN12
New Member

2017 put 5500 after tax earnings into TRADITIONAL IRA but could not use deduct as I made to much -money was in there about a week, now getting hit with penalty??

true---since I just mailed in the 2016 form 8606 how long should I wait to E File 2017?
dmertz
Level 15

2017 put 5500 after tax earnings into TRADITIONAL IRA but could not use deduct as I made to much -money was in there about a week, now getting hit with penalty??

I see no need to wait.  It will probably be at least a year before the IRS does any cross-checking between years, if they do it at all.  You just want the proper filings in place if they ever do eventually perform the cross-checking.
BIRDMAN12
New Member

2017 put 5500 after tax earnings into TRADITIONAL IRA but could not use deduct as I made to much -money was in there about a week, now getting hit with penalty??

many thanks for helping me out !

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