2024 Traditional IRA contribution in 2025

[PD191]

Hello,

I dont know much about the conventional IRA contribution for tax purpose. And I may be confusing my self.

I was filling out 2024 taxes in turbotax and at the end it told me that if I contribute $7000 in conventional IRA then I will be able to save around $1500 in my federal and OH state taxes. So I added $7000 for IRA contribution and filled the taxes. and Both federal and state are accepted.

Now I went on my Robinhood account on the same night to add $7000 in traditional IRA at that time it allowed my to contribute only $6300.

Then after I did amendment in turbotax to send due taxes for $700. It give the print out to send to IRS and the OH. 

But Do I need to prove anything to IRS that I invested $6300 in conventional IRA with Robinhood? 

Also I read few times about 1099-R. Do I need to have it and how do I get it?

Please help me to het the answers for those two questions.  

[SharonD007]

Are you saying that you filed an amendment because you only made an IRA contribution of $6,300? Please clarify.

You don't need to send anything to the IRS proving that you made an IRA contribution.  You should receive Form 5498 -IRA Contribution Form by early June, which reports your contribution to the IRS.

• Form 5498: IRA Contributions Information reports to the IRS your IRA contributions for the year along with other information about your IRA account.
• Your IRA custodian—not you—is required to file this form with the IRS, usually by May 31.
• You won't find this form in TurboTax, nor will you file it with your tax return. The copy you receive in the mail is for your records.

Refer to the TurboTax article What Is IRS Form 5498: IRA Contributions Information? 

For additional information, review the TurboTax article Deductions Allowed for Contributions to a Traditional IRA

[PD191]

Hi Sharon,

Thanks for your quick answer

I just created the amendment for $6300 in traditional IRA contribution (for $700 difference)  in turbo tax but have not send anything. Just waiting for someone to advise me what is necessary for me to do. Printout is ready, just need to write the check and send. 

[DavidD66 · Accepted solution]

You just need to mail the amended return and a check (if you're paying by check).  Be sure to sign your tax returns, or they will return them to you.  You don't have to "prove" anything to the IRS.  You don't get a Form 1099-R for contributing to an IRA, that's what you get when you take a distribution from an IRA.   You will get a Form 5498 that shows your contribution and balance in your IRA, but you rarely need those to complete your tax returns (they aren't sent out until after the filing deadline).  

[PD191]

Thanks David

[fanfare · Accepted solution]

Absent Form 8606, your amendment itself is your statement of amount of contribution.

See Schedule 1 line 20.

@PD191 

[PD191]

Thanks Fanfare