Tax Year Prior to 2020: Amending IRA Contribution on 2018 Return

[Yang G]

Hi there,

I had planned to contribute to Roth IRA at the time of my 2018 filing and I did put it on the return. 

Later I changed my mind and did not open any Roth IRA account.  Too bad that I totally forgot about the 2018 return had the planned contribution on it.   I just e-filed my 2019 return without previewing it and just realized that it shows a carried over IRA balance on the IRA Info Sheet. 

I tried to look up the 1040X form but din't know where or how to do the amendment.  Could anyone help me with this?

Thanks      

[ThomasM125]

You can amend the return if you want to, but it is not necessary if it will not affect your 2019 income tax, as it appears it will not. You can simply correct the entry when you prepare next year's tax return to save yourself some trouble.

[macuser_22]

You would only need to amend if you received the "Savers Credit" on a 8880 form with your 2018 return.   If you entered the Roth in 2018 and transfer to 2019 then the Roth contributions that TurboTax tracks for you will be inaccurate, but that can be corrected in 2019.

A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.

[Yang G]

Thank you!

[VictorW9]

If you still think you need to amend your return, here's the information below:

1. Sign in to TurboTax.
2. Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
   • If you only see the option to amend 2018 or earlier, it's because you can't amend an unfiled 2019 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
3. Select Amend using TurboTax Online.
4. Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
5. When finished, we'll give you instructions for printing and mailing your amended return as amendments can't be e-filed.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool.  Please allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.