My wife is self-employed and we prepared and filed our taxes (jointly) before discovering some of her self-employed income was missing from the documents she provided. We're due a refund currently and would likely simply be due a smaller refund with this missing income (for what that's worth). Regardless, I will file an amendment to account for this missing income.
We both made tax deductible IRA contributions (right after filing) that won't be tax deductible / or may be less tax deductible when we amend to include this income. I'm guessing I will need to reduce the IRA contributions to make them deductible or reverse them completely. How do we go about doing this?
My wife also maxed out her self-employed IRA contribution which reduced our taxable income. With the additional income, this contribution could also be higher and she'd like to do that. How do we go about doing this?
I'm not sure how quickly I'll be able to amend and concerned also about being able to make all 3 of the IRA corrections before April 18th.
Please help. Thanks.
