If the reporter cashed the check for the month of death (and any later months), do not ask for a refund. Advise the reporter that the Treasury Department (TD) may request the funds back from the bank that cashed the check for a period of up to 12 months from the month that SSA learns of the death.
For example, if 5% of your non-Roth IRA are non-deductible contributions, then 5% of the conversion amount must be non-deductible contributions, and the rest must come from the deductible contributions, including earnings and rollover contributions.
Many people are not allowed to make a tax-deductible contribution to their regular IRA. If your income exceeds specific levels, certain restrictions apply to you. However, you can still make a non-deductible IRA contribution and save for your retirement.Although your non deductible IRA contributions do not save you taxes in the year you make them, the earnings on them are tax-deferred, a key tax advantage of a regular IRA.owever, you can still make a non-deductible IRA contribution and save for your retirement. Although your non deductible IRA contributions do not save you taxes in the year you make them, the earnings on them are tax-deferred, a key tax advantage of a regular IRA.