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.
**Say "Thanks" by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer"
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