Ask the Hammer: Is It Possible to Prove I Made Non-Deductible Contributions to My IRA in the Past?

In this episode of Ask the Hammer, a Retirement Daily reader has a big question:

In 2003, my parents gave my wife and I a gift of $10,000, and we used that money to open two IRA accounts and made contributions in each of our names. However, we didn’t deduct the contribution on our taxes. I forgot about it until my wife passed away in 2012 when I rolled over her IRA to my account. Is there a way for the IRS to look back and provide a basis for these accounts? I already paid taxes on these dollars because I didn’t deduct them back when we made contributions, but is there any way to keep track of that now?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Retirement Daily editor Robert Powell to answer this question.

In this episode, "The Buckinghammer" discusses:

• What you need to prove that a contribution was made to your IRA in the past
• IRS form 5498 and how it is relevant to this question
• IRS form 8606 and how it applies to this 

Stay tuned for more Ask the Hammer!

Got questions?

Email AsktheHammer@BuckinghamGroup.com

More Ask the Hammer

• Can I Use Money From an RMD to Contribute to a Retirement Account?

• Is It Possible to Make a Mistake When Claiming Social Security?

• What Do I Need to Know About Rule 72(t)?

• What's Some Advice for Uncovering Marital Assets in a Divorce?

• Am I Always Eligible for the 0% Capital Gains Tax Rate?

• When Should I File My Taxes?

• How Do I Invest the Fixed-income Portion of My Portfolio?

• Should Parents Provide Financial Support to Adult Children?

• What's the Value of a Risk Tolerance Questionnaire?

• How Do I Select the Best Retirement Plan Payout Option?

• What Are The Distribution Rules for Beneficiaries of Inherited IRAs?

• Should We Worry About National Debt?

• What are Some Tips on Buying a Used Car?

Follow us on Instagram and Twitter!