How to report Previous Year IRA Contribution on tax return

[LibStache]

I'm currently working on my and my husband's 2023 taxes (married filing jointly).  This is the first time we've ever had to report previous year traditional and IRA contributions. In 2023 we made a $5,500 "previous year contribution" (so, applied to 2022) to his Roth IRA, and a $1,054.76 "previous year contribution" to my Traditional IRA.  How do we report this?  Should we have amended our 2022 return, which was already filed, or is there a way to report this on our 2023 taxes that I'm currently working on?  Thanks!

[secondcor521]

Any 2022 contributions would impact the 2022 return, not the 2023 return.

If you qualify for the Saver's Credit, you would enter the relevant 2022 contributions for you and your husband on Form 8880, and that would flow to the rest of your return.  The 8880 would have been included with your return.

If you wanted or needed to treat your 2022 traditional IRA contribution as non-deductible, then you would complete a Form 8606 part I and file that with your 2022 tax return.

If you didn't do either of the above two things but now wanted to, yes, you would need to file an amended 2022 return using Form 1040-X.  This might also cause you to file an amended state income tax return if that applies.

There's no impact of your 2022 contributions on your 2023 tax return that you're working on now, except in the rare case that either of the contributions you mentioned were excess contributions (they almost certainly were not).

[LibStache]

Thank you for your response. Regarding whether or not we qualify for the Saver’s Credit, do you mean for this year or for 2022? And if we do qualify, do you mean that we would enter the relevant 2022 contributions on our current 2023 return? (This is all new to me, so I apologize) Als,  while working on our current 2023 return, there is a space to enter total contributions made in 2023. Would we include the “previous year” 2022 contributions in that number, since they were made in 2023? Thanks, again!

[NotJen]

When you say "previous year" contribution (the 2022 contribution you made in 2023), did you tell your IRA custodian that it was for tax year 2022 when you made the contribution?

If so, everything related to that contribution goes on your 2022 taxes.  None if it goes on your 2023 taxes.  In the responses below, if I say "2022 contribution" it includes that "previous year" contribution you made in 2023.

Regarding whether or not we qualify for the Saver’s Credit, do you mean for this year or for 2022?

2022. 

But also check if you qualify for the Saver's Credit in 2023 while doing your current taxes.

And if we do qualify, do you mean that we would enter the relevant 2022 contributions on our current 2023 return? (This is all new to me, so I apologize)

You would enter the 2022 contributions on your 2022 amended return if you qualify for the 2022 tax year.

You would enter any 2023 contributions on your current 2023 return if you qualify for 2023.

Als,  while working on our current 2023 return, there is a space to enter total contributions made in 2023. Would we include the “previous year” 2022 contributions in that number, since they were made in 2023? Thanks, again!

No, you would only put contributions made in 2023 that you told your IRA custodian were for tax year 2023.

[LibStache]

Thank you so much!

[secondcor521]

NotJen covered the details (thanks!), but basically the general rule is that contributions for year X apply to the tax return for tax year X, even if they happen to occur in tax year X+1.