Traditional IRA Deductions

[pmaouyo]

I already filed my taxes, but I'm wondering if I should file a 1040X (amended tax return). Here's why:

After filing my return, I changed jobs and now I have a 401k from my old employer that I can roll into a traditional IRA (it's below the $5500 maximum contribution) before April 15. Since I didn't include this IRA contribution that I'm planning to make on my original tax return, I'm wondering if I should file an amended return showing that I made this contribution so I get a greater return?

[KenH1 · Accepted solution]

You don't need to amend, since rollovers have no impact on your taxes, good or bad.

The IRA deduction is for contributions of new money.  The money in your 401k had already been deducted at some point. Specifically, your taxable income had been reduced (which is the same thing as a deduction).