Sole proprietor with an already processed return looking for advice on whether or not I need to submit an amendment for an inaccurate SEP-IRA contribution reported. From my initial research it generally seems that you do need to submit a 1040-X as its considered a deduction, however in my specific case the difference between what was reported by my financial institution and what I reported seems insignificant (reporting difference of $50 or less). The change also does not affect my tax liability. Would I still need to amend this change and would the IRS also consider this difference insignificant as well?
