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I made a $6k contribution to a traditional IRA in December 2010 for tax year 2010. I filed my tax return and incorrectly listed the contribution as a Roth contribution.

Can I amend my tax return to correct the contribution to instead be a traditional IRA contribution AND specify that the contribution is a non-deductible contribution to my traditional IRA even thought I qualify based on my AGI for it to be deductible?

Is form 8606 the place to make such an election if possible?

  • Why would you do that? You'll pay taxes twice on the same money. – littleadv Dec 5 '11 at 19:31
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    No, a non-deductible contribution may be withdrawn tax-free, only its earnings are taxable. – WilliamKF Dec 5 '11 at 19:49
  • So why not just leave it in Roth? What's the difference? Just trying to learn here:-) – littleadv Dec 5 '11 at 21:28
  • 2010 is special, your Roth conversion can be treated as taxable spread out over 2011 and 2012. Do not want deduction in 2010 to increase my taxes in 2011 and 2012 due to expected higher earnings in those years. – WilliamKF Dec 5 '11 at 22:11
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The answer is in IRS Publication 590 on page 17

When you file, you can even designate otherwise deductible
contributions as non deductible contributions.

On IRS Form 8606 you may enter the non deductible amount on line 1 of the form.

The instructions for IRS Form 8606 state on page 5:

line 1 - refers to entering the amount on line 1
         "you chose to deduct on Form 1040".

Taking the deduction is optional if you qualify for the deduction.

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