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If I listed my 401k as traditional by mistake on my worksheet, combined with Roth and paid a penalty, do I have to file amended or just file correctly next year?

I just need to know if because they already accepted my return and paid the penalty, can I just reduce my Roth contributions for this year, bring it under 6500, and file correctly next year ?

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Employee Tax Expert

If I listed my 401k as traditional by mistake on my worksheet, combined with Roth and paid a penalty, do I have to file amended or just file correctly next year?

You should amend the 2017 taxes. The penalty will be applied to each year that the excess amounts remain in the accounts.

Note: Wait until your originally filed return is fully processed before amending. This will avoid errors with the IRS processing. Once the original return is fully processed, use the link below for amending instructions.

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed?... 


1 Reply
Employee Tax Expert

If I listed my 401k as traditional by mistake on my worksheet, combined with Roth and paid a penalty, do I have to file amended or just file correctly next year?

You should amend the 2017 taxes. The penalty will be applied to each year that the excess amounts remain in the accounts.

Note: Wait until your originally filed return is fully processed before amending. This will avoid errors with the IRS processing. Once the original return is fully processed, use the link below for amending instructions.

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed?...