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isaskumar
New Member

I incorrectly entered traditional IRA contribution amount which ended-up with some non-deductible portion. How can i amend return to void the non-deductible contribution?

I have not made any contribution for the 2017 tax year to my IRA account. Hoping i can fix this in an amendment, so i can contribute deductible portion only.

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2 Replies
AmyW
New Member

I incorrectly entered traditional IRA contribution amount which ended-up with some non-deductible portion. How can i amend return to void the non-deductible contribution?

If you have already filed your taxes, then you will want to create an amended tax return to correct a mistake. First, you will want to wait until your tax return is accepted or rejected. If it is rejected, then you can go in and fix the mistake. If accepted, then you will want to wait until your original tax return is processed by the IRS. If you are receiving a refund, you should wait until the check is issued. Amended returns must be filed by mail. 

To amend a 2017 return, follow the steps in the article below (The 2017 amended tax return instructions will be available sometime in late January/Early February):

dmertz
Level 15

I incorrectly entered traditional IRA contribution amount which ended-up with some non-deductible portion. How can i amend return to void the non-deductible contribution?

When you do this amendment, TurboTax will simply remove the original Form 8606 from your tax file.  However, because Form 8606 is treated by the IRS as a separate tax return, your amendment should include a modified Form 8606 to explicitly show that your nondeductible contribution was zero.  You'll need to manually prepare this Form 8606 to be included with your mailed amendment.

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