I used an accounting firm for my filing taxes last year. Very good but very expensive. I am now just using Turbo Tax 2017.
After I filed 2016 1040's I opened a Roth IRA for tax year 2016 in 2017 and contributed an excess of $453 for 2016 tax year. Turbo tax caught my mistake for 2016 and 2017 ( I failed to reduce my IRA contribution by my deductible self employment portion)
Is it permissible to just submit a 2016 tax Form 5329, part IV and mail the $27 dollars I owe in with it? If so ,would I also check the box that says"this is an amended return"?
I really don't want to amend my 2016 1040's if not required. This should get me corrected for 2017 turbo tax filing.
If this is allowable to submit the 2016 5329 by Mailing, can I then submit my 2017 1040's Efile ?
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Follow up question: Forms prepared ready to mail.
Do I need to wait a certain amount of time after filing a 2016 1040x with 2016 5329 by mail, before e filing 2017 1040's?
