Traditional and Roth IRA

[nprorok]

I think I selected that I made a contribution to the "Traditional IRA" when in fact it was a "Roth IRA" - how do I check which one I selected? And if I did indeed select the wrong one, how would I fix? Thank you!

[DanaB27]

If you haven't filed then please follow these steps:

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Click on “Deduction and Credits” tab on top
4. Click "edit" next to "Traditional and Roth IRA Contributions"
5. Uncheck the "Traditional IRA" and mark "Roth IRA"
6. Answer "Yes" to "Remove Traditional IRA Contributions?"
7. Continue entering Roth IRA contribution information.

If you have already filed you can look at Schedule 1 line 19 IRA deduction if you have an entry here. Please see How do I get a copy of a return I filed this year in TurboTax Online?. 

If you need to make changes to a filed return and your return has been already accepted by the IRS, you will have to file an amended return (1040X) to make changes. But you might want to wait until your refund or payment is processed. The IRS will only accept amended returns via mail.

The 1040X form for 2019 hasn't been approved yet by IRS. Please, keep checking the following information below on how to amend your return; it will be updated once the 2019 form is released. Currently, the form is scheduled to be released on 02/20/2020.

FAQ How to amend a tax return

[nprorok]

Thank you very much @DanaB27 - this is very helpful! I confirm that I have already filed and there is a deduction in  "Line 19 IRA deduction" - does this mean that the deduction was a Traditional and Roth IRA?

If it is a traditional, what are my options? Send an amended return to the IRS? Open a traditional IRA and then contribute the same amount to it as I indicated I did when I incorrectly selected "traditional" IRA?

Also, FYI - I have received my refund already.

Thanks again!

[DanaB27]

The "Line 19 IRA deduction" means that the deduction was for a Traditional IRA (you don't get a deduction for a Roth IRA).

Yes, you have both options you mentioned:

• You can file an amended return to the IRS and correct the error. How do I amend a 2019 return in TurboTax?

• Or you can contribute that amount to a traditional IRA for 2019 as long as your total contributions to the Roth and Traditional IRA do not exceed the limit. You have until April 15th to contribute to the traditional IRA.

For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

• $6,000 ($7,000 if you're age 50 or older), or
• your taxable compensation for the year, if your compensation was less than this dollar limit.