over stated ira contribution

[garyflynn]

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]

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.

[garyflynn]

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

[macuser_22]

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.