Discussion:Missed IRA deduction

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Revision as of 21:27, 30 September 2009

Discussion Forum Index --> Basic Tax Questions --> Missed IRA deduction
Discussion Forum Index --> Tax Questions --> Missed IRA deduction

Smokeytax (talk|edits) said:

30 September 2009
Client contributed $4,000 to an IRA in April of 2008 for 2007. The 5498 was issued showing the $4,000 as a 2007 contribution.

But, the deduction was left off of the 2007 return.

Can we deduct it on the 2008 return?

Does the 5498 govern, and does the IRS try to match IRA deductions to the 5498's?

Any thoughts?

Thanks

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