turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

How to enter IRA contributions 2020 from the account opened last year?

Hi. I created an IRA account in March 2021 and have contributions went for 2020. It was not reported in my tax filing last year. Shall I enter this 2020 contributions as contributions 2021 or excess or Excess contributions before 2021?

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DanaB27
Expert Alumni

How to enter IRA contributions 2020 from the account opened last year?

No, you would have to enter the contribution on your 2020 tax return. You do not enter a IRA contribution for 2020 on your 2021 tax return. Please see How do I amend my 2020 return?

 

For 2020 the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
DanaB27
Expert Alumni

How to enter IRA contributions 2020 from the account opened last year?

No, you would have to enter the contribution on your 2020 tax return. You do not enter a IRA contribution for 2020 on your 2021 tax return. Please see How do I amend my 2020 return?

 

For 2020 the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies