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Old 09-05-2017, 02:07 AM
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Join Date: Sep 2017
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Made contribution but didn't use deduction, re-use for next year?

In early 2017, I made a $5500 contribution to my SEP IRA for my 2016 taxes.

However, I ended up not being eligible for the IRA tax deduction.

However, a 2016 Form 8606 was filed showing that the $5500 contribution was non-deductible. However, it was not converted to a Roth IRA (didn't know that you could do a back-door Roth IRA that way).

This year (2017), I will be eligible for a IRA tax deduction.

Can the 2016 SEP IRA contribution be used as a 2017 SEP IRA contribution instead through some type of amendment? For example, re-file the 2016 Form 8606 showing that $0 was made as non-deductible IRA and then use the $5500 for a deductible 2017 contribution?

If not, can the 2016 SEP IRA contribution be changed to a 2016 Roth IRA contribution through some type of amendment this late in the game?

Last edited by mikediamond : 09-05-2017 at 03:05 AM. Reason: sounds better

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