Do I have to amend my 2023 federal tax return if I amended my 2022 federal tax return to include a missed IRA contribution?

[jmk_df0110]

Do I have to amend my 2023 federal tax return if I amended my 2022 federal tax return to include a missed IRA contribution?

I'm getting ready to do my 2024 tax returns and realized maybe I needed to amend the 2023 also?

Thank you,

Julia

[MaryK4 · Accepted solution]

Can you clarify why you amended your 2022 return?  Was it to take the deduction or to report as nondeductible?  

If you are filing the 8606 or making corrections on it, you do not have to file the 1040X, you can send the 8606 separately.  

If you are claiming the deduction for the contribution, you do not have to amend the 2023 return.

[jmk_df0110]

I was claiming the deduction for the contribution and just not sure if that changed anything for the 2023 return. It sounds like it doesn't, from what you're saying.

Thanks!

[juandelacruz]

If you could expound further regarding your statement "If you are claiming the deduction for the contribution, you do not have to amend the 2023 return." would appreciate it because how can one/I avail of the IRA deductible I made but overlooked including on my 2023 return.  Do I send in an 1040X or can I include this deduction on my 2024 return I getting ready to prepare?  Thank you for any advice.

[MaryK4]

If you choose to deduct the contribution, you must file the amended return to reduce the taxable income.  If you are not deducting the contribution, you only have to submit the 8606 so the IRS knows you have basis in the traditional IRA so it is not taxed in the future.  It does not change the income on the original return.