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Entered wrong amount for IRA

I liked the other day. My federal taxes were accepted. I mistakenly thought I could contribute 8000 to my IRA for 2024, but I can actually only contribute 3000.  
The website states I have to wait until February 22 to file an amendment. I am not sure a refund but owe taxes. Will I be able to do the amendment online with no problem and just correct the contribution amount from 8000 to 3000 and then make an additional payment for whatever that amounts to in owed taxes? 

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1 Reply
MindyB
Employee Tax Expert

Entered wrong amount for IRA

Yes, you can amend as soon as the federal amended tax return form 1040-X is available for filing in TurboTax. The IRS requests that if you are amending to get an additional refund, you wait until the original is received.  But since you will owe a balance, you can go ahead and amend right away. Use this tool to check availability of forms, including 1040X: Tax form availability

 

Here is some more information on filing amendments: How to File an Amended Tax Return with the IRS

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