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An excess traditional IRA contribution for tax yr 2018 was made on April 12, 2019 & withdrawn on April 18, 2019. $0.04 gain. Do I report the contribution on 2018 return?
April 12, 2019: I incorrectly made an excess contribution for tax year 2018 to a traditional IRA of $6,500.
Two hours later I submitted the form to have the excess amount transferred out of the account. The transaction would complete after April 15, 2019.
April 15, 2019: I submitted a Federal extension and made an estimated tax payment that assumed that no 2018 IRA contribution was made.
April 18, 2019: The excess $6,500 + $0.04 earnings was confirmed to be transferred out of the traditional IRA account.
Should I change my 2018 tax return to indicate that I made a $6,500.00 IRA contribution for 2018 before filing it?
Two hours later I submitted the form to have the excess amount transferred out of the account. The transaction would complete after April 15, 2019.
April 15, 2019: I submitted a Federal extension and made an estimated tax payment that assumed that no 2018 IRA contribution was made.
April 18, 2019: The excess $6,500 + $0.04 earnings was confirmed to be transferred out of the traditional IRA account.
Should I change my 2018 tax return to indicate that I made a $6,500.00 IRA contribution for 2018 before filing it?
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‎June 1, 2019
11:02 AM