topic over stated ira contribution in After you file

over stated ira contribution

garyflynn — Mon, 03 May 2021 19:43:28 GMT

I over estimated the planned contribution for my daughter's ira. she didn't have enough earned income to cover the planned contribution. her taxes are already filed. do i have to file and amended return?

Re: over stated ira contribution

macuser_22 — Mon, 03 May 2021 20:12:28 GMT

That depends if it was a Traditional or Roth contribution and if it created a Savers Credit (8880 form).

If Traditional or 8880 form then, yes - you need to amend. If Roth and no 8880 form, then no.

Re: over stated ira contribution

garyflynn — Tue, 04 May 2021 19:49:48 GMT

Thanks. this was going to be a new traditional IRA.

Re: over stated ira contribution

macuser_22 — Tue, 04 May 2021 20:10:46 GMT

So if a 8606 form was part of the tax return with the contribution online 1 OR if the contribution was a deduction on the 1040 form Schedule 1 line 19, then you must amend to remove the contribution.