Discussion:Missed IRA deduction
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| Revision as of 21:27, 30 September 2009 Smokeytax (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 21:37, 30 September 2009 Ss-cpa (Talk | contribs) (I always thought) Next diff → |
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| + | {{ForumReplyPost|UserID=Ss-cpa|Date=30 September 2009|Text=I always thought the Form 5498 reported the contributions on a calendar year basis. In other words, if the contribution was made in April, 2008, then it could only be reported on the 2008 Form 5498. If this is the case, then I wonder if he had a separate $4,000 contribution in 2007, which resulted in the $4,000 being reported on the 2007 5498. If I am mistaken, then I think you can allocate it to either year. I would contact the brokerage to confirm. I think they actually designate the year. }} | ||
Revision as of 21:37, 30 September 2009
Discussion Forum Index --> Basic Tax Questions --> Missed IRA deduction
Discussion Forum Index --> Tax Questions --> Missed IRA deduction
| 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 | |
| 30 September 2009 | |
| I always thought the Form 5498 reported the contributions on a calendar year basis. In other words, if the contribution was made in April, 2008, then it could only be reported on the 2008 Form 5498. If this is the case, then I wonder if he had a separate $4,000 contribution in 2007, which resulted in the $4,000 being reported on the 2007 5498. If I am mistaken, then I think you can allocate it to either year. I would contact the brokerage to confirm. I think they actually designate the year. | |
