Jacob Patterson cannot make a fully deductible $5,500 IRA contribution because his AGI exceeds the phase-out range.
Question:
Jacob Patterson cannot make a fully deductible $5,500 IRA contribution because his AGI exceeds the phase-out range. Instead, he makes a $3,500 nondeductible IRA contribution to his traditional IRA. Determine how Jacob reports this on his tax return, and complete the appropriate form that he should attach to his Form 1040?
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