Do I need to report a non-deductible late spousal IRA contribution?
Hi tax experts!
My spouse made a late (Jul/2020) traditional IRA contribution for the previous tax year (2019) and I am wondering if we need to report it at all (and how to enter it in TurboTax) if we'll be unable to make any deduction given we're above the income limit (we're filing a joint return).
Regards!
Omar
01529
1 Best answer
fanfare
Level 15
Jul 12, 2020 2:52:24 PM
1) because the tax day is deferred, , it is not late.
2) you must report it]
3) if you can't deduct it, file form 8606 for non-deductible election.
4) you will have the option to convert the money to a Roth IRA in 2020. report that on your 2020 taxes..
1 Replies
fanfare
Level 15
Jul 12, 2020 2:52:24 PM
1) because the tax day is deferred, , it is not late.
2) you must report it]
3) if you can't deduct it, file form 8606 for non-deductible election.
4) you will have the option to convert the money to a Roth IRA in 2020. report that on your 2020 taxes..