Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
bosch2014
New Member

What do they mean by nondeductible contributions? I have a few 5498 forms.

 
1 Best answer

Accepted Solutions
KittyM
Level 2

What do they mean by nondeductible contributions? I have a few 5498 forms.

"Nondeductible contributions" (generally to an IRA) are those which were made with after tax dollars. These contributions are rare, as most people only contribute to their IRA up to the deductible limit for IRA's - $5,500 ($6,500 if over 50) in 2018.  If you contribute more than these limits, it is nondeductible and must be tracked separately for income tax purposes.

View solution in original post

1 Reply
KittyM
Level 2

What do they mean by nondeductible contributions? I have a few 5498 forms.

"Nondeductible contributions" (generally to an IRA) are those which were made with after tax dollars. These contributions are rare, as most people only contribute to their IRA up to the deductible limit for IRA's - $5,500 ($6,500 if over 50) in 2018.  If you contribute more than these limits, it is nondeductible and must be tracked separately for income tax purposes.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~