What happens if i forgot to deduct ira contributions?

If you don't do anything, the IRS will treat your contributions as if they were deductible and will tax them when you make withdrawals when you retire. You can file the IRS Form 8606 to declare your Physical Gold and Silver IRA contributions as non-deductible and make tax-free withdrawals later on. Select your marital status and continue with “Income and Deductions”, line 1, “Adjusted Gross Income”. You must calculate the minimum required distribution separately for each IRA you own, except for Roth IRAs, but you can withdraw the full amount of one or more of your non-Roth Physical Gold and Silver IRAs.