Question

Do I need to report my 2024 traditional IRA contribution?

Forum|Forum|1 year ago
April 4, 2025
1 reply
0 views

I contributed the full $7000 amount as a lump sum to my traditional IRA account in 2024. Turbo Tax seems to determined that my traditional IRA contribution does not really matter for deduction based on my income situation. It showed this message "You can't deduct your traditional IRA contributions."

Should I still enter my IRA contribution anyway? Any consequences if I don't report this contribution?

SharonD007

Yes, you should still enter your non-deductible IRA in TurboTax. These contributions are reported on Form 8606. Form 8606 keeps track of your non-deductible IRAs so you don't end up paying taxes on the money twice.

Refer to the TurboTax articles How much of my Traditional IRA contribution is deductible in 2024? and What is IRS Form 8606: Nondeductible IRAs for more information.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Y

yatoshuraAuthor

@SharonD007

When I'm reporting my traditional IRA contribution for 2024, Turbo Tax also asked for my total IRA basis.

I have two traditional IRA accounts and they both have more than $6K each. For 2024, I only contributed to one of the IRA account. I also have not contributed to my traditional IRA since 2021. I checked my 2022 and 2023 1040 filings and they both do not have a Form 8606.

Do I just use the Form 8606 line 14 from my 2021 1040 filing as my total basis for 2024?

A

AnnetteB6

Yes, since you have not made any additional contributions or taken any distributions since 2021, the amount on your 2021 Form 8606 line 14 is still your basis up to the point of your 2024 contribution.

@yatoshura

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"