over stated ira contribution

Forum|Forum|5 years ago
May 3, 2021
1 reply
2 views

I over estimated the planned contribution for my daughter's ira. she didn't have enough earned income to cover the planned contribution. her taxes are already filed. do i have to file and amended return?

macuser_22

Alumni - Champ

That depends if it was a Traditional or Roth contribution and if it created a Savers Credit (8880 form).

If Traditional or 8880 form then, yes - you need to amend. If Roth and no 8880 form, then no.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

garyflynnAuthor

Level 2

Thanks. this was going to be a new traditional IRA.

macuser_22

Alumni - Champ

So if a 8606 form was part of the tax return with the contribution online 1 OR if the contribution was a deduction on the 1040 form Schedule 1 line 19, then you must amend to remove the contribution.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**