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

[cookiefan]

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?

[DanaB27 · Accepted solution]

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:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year