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Level 1

Solved

Ineligible Roth IRA contribution

2 replies
79 views

Today I just discovered that my 2023 Roth IRA contribution was ineligible because my spouse and I filed married separately and resided together.

If we amend our 2023 taxes today (9/2024) to file jointly; will this correct the ineligible status.

Please also note, my spouse had a tax payment due, which has been paid, and I received a refund.

dmertzAnswer

Level 15

If you were ineligible for the Roth IRA contribution only because your own MAGI filing separately was above $153,000 but filing jointly your MAGI together will be below $218,000, yes, amending to joint filing would eliminate the excess contribution. Yes, you are permitted to amend to change from the separate tax returns to a joint tax return. The instructions for Form 1040-X have instructions for amending from separate to joint.

Level 15

No text available

dmertzAnswer

Level 15

If you were ineligible for the Roth IRA contribution only because your own MAGI filing separately was above $153,000 but filing jointly your MAGI together will be below $218,000, yes, amending to joint filing would eliminate the excess contribution. Yes, you are permitted to amend to change from the separate tax returns to a joint tax return. The instructions for Form 1040-X have instructions for amending from separate to joint.