topic Re: Wrong IRA contribution input in 1040. Only $8 difference. Need amendment? in After you file

Wrong IRA contribution input in 1040. Only $8 difference. Need amendment?

hongy — Sun, 26 Apr 2020 02:14:27 GMT

My husband had an automatic monthly withdrawal for traditional IRA account which was set as $208 twice a month ($5000 / 24). But because of the decimal points, the actual IRA contribution was only $4992. Since the bank issues the Form 5498 after tax deadline every year, we didn't notice this difference till now.

I tried how this $8 difference affect the original 1040 and it just raises the income by $8 but still in the same tax bracket so no change in tax amount. Do I still need to file 1040x for this minor amount?

Re: Wrong IRA contribution input in 1040. Only $8 difference. Need amendment?

Bsch4477 — Sun, 26 Apr 2020 02:18:22 GMT

Since there’s no significant change in tax liability you don’t have to amend your return.

Re: Wrong IRA contribution input in 1040. Only $8 difference. Need amendment?

hongy — Thu, 30 Apr 2020 17:13:10 GMT

Thank you!