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To report your IRA contributions, you will need to amend your return. Once you are certain that your return has been filed and accepted, read on for instructions on how to amend:
Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool. Please allow at least 16 weeks for the IRS to process your amended return.
Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.
Depends on the type of IRA. There is no need to amend if it was a Roth IRA. You would only want to amed to report Roth IRA if it would result in a Savers Credit refund.
If a Traditional IRA then it needs to be entered (amended) to either deduct it and get a credit for the deduction or to make it non-deductible and report the basis on a 8606 form.
A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
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