Is there an IRS penalty to file an amended return to increase roth IRA contribution for 2018 to $5,500?

[apester]

My husband and I received some unexpected money and we would like to each increase the contributions to our Roth IRA's for 2018 to $ 5,500.00 total per IRA. In the taxes we filed we reported 1,500.00 and 1,375.00 for the amounts contributed to these IRA's  during 2018. To make an increased contribution, do we need to amend our tax returns, and if so at what penalty with the IRS and what charge from turbotax. Thank you!

[Ashby]

While there would be no penalty from the IRS, they would not exactly be expecting an amendment for an increase and Roth contributions. Since it has not effect on your return, you could just update your basis on next year's filing. I would not recommend amending a return for this.

But, if you chose to do so -

There is no additional fee to amend a tax return originally prepared using TurboTax unless the amended return requires an upgrade to the version originally used.