amend IRA contributions after filing

[j_healey]

Finished and e filed return just realized I had 2 amounts for contributions. I only reported a lesser amount of the 2. This is money I invest from my savings, so it is an additional IRA plan. There is also the 1 I have thru my employer. Is this something I should amend which I am not sure will change my refund at all? Or amend because it needs to be reported? Kind of strange there are 2 forms 5498 and 1 is for the first 8 months and the 2nd from then till the end of the year.

[DanaB27]

To recap you made two contributions to an IRA but only reported one for 2020 (I'm assuming you are talking about your 2020 return since Form 5498 for 2021 won't be sent until May 2022).

Generally, it is best to enter all contributions correctly. 

Was this to a Roth or traditional IRA? 

[j_healey]

The Forms 5498 are both for 2021 which are for a personal IRA. I am not sure why the contributions were accounted for this way. What you are asking is what confused me when filing. I think you thinking about if I had contributions made that would be included up to about when taxes are filed.

My contributions are after tax from my savings account at my bank. The 2 forms I have are both dated for 2021 and add up to what my monthly contributions are. I just logged into my Turbo Tax account, and it says amended returns are just for adding additional forms. Looking closer at note with the 1st form 5498 I see the custodianship changed after the first week in September. That is why I have 2 forms for contributions. 

So, I guess if this sounds correct, I just need to amend the return with the form 5498 I omitted.

[macuser_22]

The 5489 is only for your information.  You report the total amount that you actually contributed for 2021.

[j_healey]

Yes, I know form 5498 is just the amount contributed but I do need to add the 2 forms together for the total. 

So, you say actually contributed does that mean the amounts on the Form 5498? The other problem I have is this Nondeductible? I think it is but really not sure why?

[j_healey]

This is traditional IRA and all I know is the Investment provider sent me what are forms 5498 and 1099 R. There are 2 which make the total for the year. I did not notice I had 2 forms until after filing the return. I started the amended return and am stuck on if this is Nondeductible?

[VolvoGirl]

Why did you get a 1099R?  Did you roll it over to another account?   I couldn't tell from you first question but you only report IRA contributions not anything from your employer.   The employer plan is probably a 401K plan.  You only report that from your W2, nowhere else.

[j_healey]

The 1099 R is combined with the Form 5498, and it just shows the investments for the fund. The problem is TurboTax does not show where to enter these contributions you have to look for it. I found out it is shown when clicking on Federal Tax tab. The Deduction has me confused because it seems to change the amount of your wages on the W-2. 

[VolvoGirl]

Did you enter the 1099R under income?  A 1099R doesn't show contributions.  It shows Distributions.   What code is in box 7?  Sounds like you did a rollover.  That is not a new contribution.  Are you sure you took it out of a personal savings account and not from another existing IRA?

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

There are 4 boxes.  Be sure to pick the right box for the kind of 1099R you got.

If you are filing a Joint return be sure to pick which person it is for.

Don't enter the bank or broker name and don't try to import it.  It is just as fast and easy to manually enter it.  At the bottom pick -  Change How I enter my Form

Then on the next screen pick I'll Type it in Myself