Traditional IRA Contribution Record in what year?

[zenmster]

Hi I'm not able to deduct a traditional IRA contribution but wanted to put in $5000 into my account anyway. My question is if I do it in the next week (still in March 2021) - my friend said I have to declare it on this 2020 tax years tax return and not wait to record it next year when i'm doing my 2021 tax year taxes.  Is true?  

BTW, in case it matters I make too much money to claim it as a deduction but want to put $ to work for retirement anyway.  

I actually called the IRS and they said they advise me because "what if we tell you something wrong, then we're responsible..."

WTF????!!!!!

[ThomasM125]

You can choose either 2020 or 2021 for an IRA contribution made before the due date of your tax return, which is currently April 15, 2021. You will be asked what year you want to apply it to when you make the contribution.

You can often make a non-deductible contribution to a traditional IRA even if you aren't allowed to make a deductible one.

[fanfare]

yes you must report it on 2020.

a non-deductible contribution for 2020 will put a 2020 Form 8606 on your tax return.

Don't file without it.

[fanfare]

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.
AND, to verify Form 8606 is attached.