What happens if I report that I plan to contribute $6500 to Roth IRA for 2017 (before 4/17/18) but decide not to contribute?

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What happens if I report that I plan to contribute $6500 to Roth IRA for 2017 (before 4/17/18) but decide not to contribute?

If you indicated ROTH IRA, you do not have to do anything. IF you indicated that you would contribute to a TRADITIONAL IRA and took the tax deduction, you would have to amend your return before the due date (4/17) and pay the tax difference.

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What happens if I report that I plan to contribute $6500 to Roth IRA for 2017 (before 4/17/18) but decide not to contribute?

If you indicated ROTH IRA, you do not have to do anything. IF you indicated that you would contribute to a TRADITIONAL IRA and took the tax deduction, you would have to amend your return before the due date (4/17) and pay the tax difference.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

What happens if I report that I plan to contribute $6500 to Roth IRA for 2017 (before 4/17/18) but decide not to contribute?

Unless you received the Retirement Savings Credit.

What happens if I report that I plan to contribute $6500 to Roth IRA for 2017 (before 4/17/18) but decide not to contribute?

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