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Level 2
posted Apr 12, 2025 12:12:55 PM

2023, I added $850 ( trad. IRA) as a deduction should have been a contribution. The deduction occurred this year. Amend or pay taxes again?

I'm 60, small amount of taxes were already deducted. Not sure what form to use to correct or just ignore since it's such a small amount.

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1 Replies
Expert Alumni
Apr 15, 2025 4:17:58 PM

I believe you mean you deducted a contribution of $850 to your IRA in 2023 in error. In 2024 you made an IRA contribution of the same amount. In 2023 you received a distribution of $850 from your IRA but didn't report it. If so, you have to amend your tax return for 2023 to remove the contribution and enter the distribution. For 2024, you simply report the $850 IRA contribution.