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New Member
posted Jun 3, 2019 1:12:14 PM

I have an IRA that was started for me in Dec. 2016 and then a few more dollars were added in Dec. 2017. Do I claim this even though it was a gift?

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1 Best answer
Level 15
Jun 3, 2019 1:12:16 PM

Your gift includes a possible tax deduction so take advantage of it.

3 Replies
Level 15
Jun 3, 2019 1:12:16 PM

Your gift includes a possible tax deduction so take advantage of it.

Level 15
Jun 3, 2019 1:12:17 PM

you have a 2016 contribution, it must go on your 2016 tax return.
only the dollars added in 2017 can go on your 2017 tax return.

Level 15
Jun 3, 2019 1:12:19 PM

The gift deposited into an IRA on your behalf constitutes a gift to you of cash and a contribution by you the IRA.  Enter the amount contributed as if you had deposited the cash into the IRA yourself.