On 4/5/24 I made a traditional IRA contribution for the 2023 tax year. Must I file any form with 2023 taxes as a result of this transaction?

Forum|Forum|2 years ago
April 5, 2024
2 replies
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My understanding is this contribution will be detailed on Form 5498 but not required to submit with tax return as the transaction is reported to the IRS by the bank and or broker.

TurboTax Deluxe Online

Best answer by dmertz

The contribution is either deductible and includible on 2023 Schedule 1 line 20, nondeductible and required to be present on 2023 Form 8606, or an excess contribution required to be present on 2023 Form 5329. So it should be somewhere on your 2023 tax return unless it's a deductible contribution that you choose not to deduct (which wouldn't make much sense).

DoninGA

Employee

You only need to report the contribution to the IRA you made on 04/05/2024 on the 2023 federal tax return, assuming that you have not yet filed the 2023 tax return.

To enter, edit or delete an IRA contribution -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button