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Incorrect number in ROth IRA contributions on last years 1040

On my 2018 taxes I said $3K was transferred to my Roth IRA, but due to an issue with my mutual fund, it never got transferred in. So, make 1040 therefore says I contributed more than I did. It doesn't affect my taxable income, but the records are now off. Is it worth trying to file an amended 1040? If so, how do I go about doing this and when do I need to complete this by?

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2 Replies

Incorrect number in ROth IRA contributions on last years 1040

Yes you can amend the return and you have 3 years to do so however since this info is not sent to the IRS or listed on a federal return you will NOT mail in any amended return ... you are doing this ONLY for your records in the TT system.   

dmertz
Level 15

Incorrect number in ROth IRA contributions on last years 1040

Although it doesn't affect your taxable income, the change could affect your tax liability if the $3,000 originally entered resulted in a Retirement Savings Contributions Credit on Form 8880 to which you were not actually entitled.  In that case you would need to mail the Form 1040X with a corrected Form 8880.

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