topic IRA contribution for 2018 in Retirement tax questions

IRA contribution for 2018

rameshsah — Sun, 02 Jun 2019 04:12:04 GMT

Due to some problem on the financial institution website, IRA contribution for year 2018 did not make it to my IRA account. Since I have already filed tax which has been accepted by federal and state government. What options do I have now?

Traditional IRA or Roth contribution?

macuser_22 — Sun, 02 Jun 2019 04:12:05 GMT

Traditional IRA or Roth contribution?

was a deposit made just that it was after 4/15 or was it...

Anonymous — Sun, 02 Jun 2019 04:12:06 GMT

was a deposit made just that it was after 4/15 or was it never made?

It was traditional IRA. Deposit was never made to IRA ac...

rameshsah — Sun, 02 Jun 2019 04:12:07 GMT

It was traditional IRA. Deposit was never made to IRA account. I followed up with financial institution that is when I found the root cause of the problem.

If Traditional IRA contribution and you already reported...

macuser_22 — Sun, 02 Jun 2019 04:12:07 GMT

If Traditional IRA contribution and you already reported it, then you must amend to remove it and pay any tax difference if you had deducted it or file a new 8606 if it was a non-deductible contribution to remove it.

If a Roth contribution, then unless it qualified you for the Savers Credit (8880 form), nothing about a Roth contribution is reported on a tax return so nothing need to be done.