I entered a future (pre-4/15) IRA contribution on my (filed) return but now cannot complete that.
Do I need to amend my return to correct this, or will the IRS detect the lack of a contribution post 4/15 and automatically calculate the higher tax due? In other words, can I do nothing and just wait for a tax-due bill from the IRS?
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If you have already filed, you'll need to amend your tax return. The IRS has no way to find out in the next few months that you did not make the contribution to the IRA. But they will find out next year or later if they match form 5498 that your bank or broker will file for tax year 2019. And then you'll have to pay back taxes, interest and penalties.
If you have already filed, you'll need to amend your tax return. The IRS has no way to find out in the next few months that you did not make the contribution to the IRA. But they will find out next year or later if they match form 5498 that your bank or broker will file for tax year 2019. And then you'll have to pay back taxes, interest and penalties.
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