How is a contribution designated as nondeductible?
An IRA contributions is designated as a nondeductible contribution for a tax year by filing Form 8606 (Nondeductible IRAs) with your Federal income tax return for the tax year. Nondeductible IRA contributions may be made up to the due date for filing your federal income tax return for the tax year, not including extensions. If you file an amended return, you may change your designation of your deductible IRA contribution to nondeductible or vice versa (although such a change may result in a different tax liability).
Related Questions
- My HSA deduction is shown in Box 12 of my W-2 as Code W. Why is it designated as an employer contribution when I have contributed the money to the account?
- Can I make age-50 catch-up contributions as a designated Roth contribution to my designated Roth account??
- How is a contribution designated as nondeductible?
