deduction on my traditonal ira part 2?

Question

this is related to my question on this thread:

http://answers.yahoo.com/question/index;_ylt=Ag.CL4mMIztXUfAlIp2pD8ikxQt.?qid=20070524203230AApJMeR

my agi for 2006 was below 52k and im single in nyc. i contributed $1000k to my traditional ira. i do my own taxes. well i never got my statement at the end of the year from citibank which i have my traditional ira with. so i forgot all about it.

now when i file income tax for next year for my 2007 tax return..can i still claim my 2006 ira contribution? if so how, what forms do i need to fill out beside my 1040a form for next year tax return? thx in advance.

judy or any1: when can i file the amended 2006 return? and how much can i get back? can i file it now or have to wait till 2007 return?

also im looking at my 1040a form now..i see on line 17 said ira deduction..is that where i put my $1000 contribution?

but on my nys tax it-150 form...i dont see any line that said "ira deduction" like the federal state 1040a form. so my question is, does my state allow traditional ira as a deduction?

Answer 1

Like Judy said, you can't deduct the 2006 IRA contribution in 2007, but you can file an amended return (1040X) for 2006. You will have to paper file the amended return though, the IRS is not set up to handle amended returns thorugh e-filing. You can file an amended return for 2006 anytime up to 3 years from the due date of the return (since in this case you would be getting a refund from amending the return). On the NY IT-150, there is a line to report your IRA contribution. Whatever line on the IT-150 return that says "Total federal adjustments to income" is where you would put your IRA contribution. You are supposed to put in a description of what the adjustment is for next to the amount of the adjustment. I have included a link to form IT-150 for you.

Answer 2

No, you can't claim a 2006 contribution on your 2007 return, but you can file an amended 2006 return on a form 1040X and claim the contribution.