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cswDEN
Returning Member

Is it worth it to refile if I missed a Qualified Roth IRA distribution?

I missed entering a 1099R Qualified Roth IRA distribution of $13K.  Since it doesn't affect my taxes, I'm wondering if it is worth it to file amended returns (for Fed & State). 

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2 Replies

Is it worth it to refile if I missed a Qualified Roth IRA distribution?

IRS doesn't know how much if any was qualified so they may send you a letter proposing a tax increase.

You may explain what happened at that time.

SamS1
Expert Alumni

Is it worth it to refile if I missed a Qualified Roth IRA distribution?

Its free to file an amended return.  @fanfare is correct. You will probably get a notice about mismatched income some time later if you don't report the 1099R on your 2020 tax return.  If you bought MaxBenefits, Taxaudit.com would take care of the notice but its still a hassle dealing with the IRS.  Better to nip it in bud on the front end than try to work through the paper chase down the road.  Nobody wants to be on the IRS' mailing list.  

 

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

 

 

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