Do I need to file a correction? If so, how do I do that since I have already filed?
You'll need to sign in or create an account to connect with an expert.
This indicates that you associated a Form 1099-Q with the wrong spouse. Although this won't affect joint tax liability, associating the penalty with the wrong individual can mean that the IRS will not recognize the penalty as having been satisfied by the correct individual.
As I mentioned, the IRS treats Form 5329 as a separate tax return. You should probably file a corrected Form 5329 for your husband showing that your husband received $0 in taxable distributions and was not subject to the penalty, and file a Form 5329 for yourself showing you with the taxable income and penalty. Otherwise, because there is generally no statute of limitations on penalties calculated on Form 5329, you risk the IRS claiming at any time in the future that you did not report this income and penalty. Alternatively, you can leave it as is and if the IRS ever in your lifetime claims that you yourself did not report this income and penalty, provide the IRS with explanation then.
In part 4 I misunderstood my TSP contribitiona as a roth IRA contribution which they are not the same. I found this out after filing and now I'm curious how I can correct this. Basically, i do not have a Roth IRA and the amount that it shows should be $0. How would I go about this is correcting my mistake?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
kyondacooper
New Member
Mimi1944
New Member
hkeller2008-yaho
New Member
acb7b540bec1
New Member
dkdiddy
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.