Skip to main content

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

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a Retirement Daily reader's question about how to prove you have made non-deductible IRA contributions to avoid paying taxes twice.

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


Follow us on Instagram and Twitter!