Yes, you should amend your return to reflect that you participate in a retirement plan so you can be properly credited for deductions, taxes, etc.
The “Retirement plan” indicator in Box 13 shows whether an employee is an active participant in your company’s plan. If this box is checked, it lets the recipient know that depending on their filing status and modified adjusted gross income, they may not be entitled to a full deduction for their traditional IRA contributions.
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