- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@jbkeels wrote:
It was on section 4a IRA Distributions, taxable amount (4b - $0) - and marked as Rollover
You need to file an amended return.
You need the 2021 software, and a copy of your original 2021 tax data file. Here are some instructions.
You will owe income tax on the converted amount. You will also owe interest and possibly a late payment penalty, since the tax was due 13 months ago. Turbotax may offer or recommend to calculate a penalty and include it with your payment. I would decline if possible, and wait to see if the IRS sends you a bill for penalties and interest. At that point, you can request a waiver of the penalty for cause, or if this is the first time you owed a penalty. The interest can't be waived, but if the IRS reduces the penalty, the interest will be recalculated.