Hello, I filed an extension for my taxes this year because I discovered my income level was too low to qualify for the maximum allowance of IRA contributions made in a year.
I recently received an inheritance of after-tax probate dollars that I decided to invest, splitting the money between a new IRA and other investment portfolios, unaware of the income requirements for an IRA. Before the deadline, I withdrew the money from my Schwab IRA to another Schwab investment account. My total dividend income according to my tax forms was under the $1500 Schedule B requirement.
My questions are:
1. Was I right to file an extension or will this not change my 2023 income listing and no amendment is required?
2. If the amendment is required, will I get an amended 1099-DIV with this updated information automatically before the next 2024 year tax-season forms to update the income information or will I have to manually request this information?
3. In neither case, could this just be something I have to report on next year and not deal with this year?
Thank for for any information. This is my first year dealing with investments when doing taxes.
