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?

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1 Best answer

Expert Alumni

Apr 18, 2022 11:30:47 AM

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

Expert Alumni

Apr 18, 2022 11:30:47 AM

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

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