This was my first year using Webull and first year having an IRA. Due to the way the app is, I thought I had deposited $5000 in my IRA in 2020, but after reviewing my bank records, I now see it was only $4000. I already submitted my return and it was accepted. Will I need to file an amended return or just deposit an extra $1000 before April 15th into the 2020 IRA year?
Thanks!
Yes, you can just contribute another $1,000 to the traditional IRA by April 15th to avoid amending your 2020 tax return.
If you prefer to amend your return then please wait until the original return has been processed before filing Form 1040X. Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.
Please see the links below when Form 1040X is available:
Yes, you can just contribute another $1,000 to the traditional IRA by April 15th to avoid amending your 2020 tax return.
If you prefer to amend your return then please wait until the original return has been processed before filing Form 1040X. Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.
Please see the links below when Form 1040X is available: