@KrisP65 wrote:
I just wonder if it's really necessary to bother with amending 2018 return in this situation.
How was the 2018 Traditional IRA contribution reported on your 2018 tax return?
If you entered it as a non-deductible contribution then there should have been a 8606 form in your 2018 tax return reporting the non-deductible contribution on line 1. You would need to amend to remove that and submit a new 8606 with an amended return.
If the contribution was even "partly" deductible (your MAGI in the phaseout range) then you might have a 2018 Schedule 1, line 32 entry and would need to amend to remove that and pay back the tax deduction.
If you did not enter the contribution at all then amending would only attach an explanation statement for the recharactorization and make no other change so I would not amend just for that. I doubt you would ever hear form the IRS because of a missing statement if it did no affect the return in any other way.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
