GeorgeM777
Expert Alumni

Get your taxes done using TurboTax

No, you will be making an adjustment to your Adjusted Gross Income (AGI).  Deductible IRA contributions are subtracted from taxable income to arrive at AGI.  The first line item on Form 1040-X relates to AGI as originally reported, then the net change, and lastly the correct amount.  When you amend your previously filed return, TurboTax will likely already have entered your original amount, and then you will make the additional entries--the net change, and the correct amount--reflecting your post filing deductible IRA contributions.

 

As long as your IRA contributions have been designated by your broker as 2022 contributions, you should not have any issues if you are not able to amend your return until after the tax filing deadline.  If you want your IRA contributions to be effective for year 2022, make the contributions before the tax filing deadline, and notify your broker that such contributions relate to tax year 2022, and not 2023. 

 

@Danny367 

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