topic THANKS, ALL in Retirement tax questions

How do I reverse a promised but now impossible IRA contribution for a filed return?

Danalyst — Tue, 04 Jun 2019 00:46:58 GMT

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?

If you have already filed, you'll need to amend your tax...

MinhT — Tue, 04 Jun 2019 00:46:59 GMT

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.

Can I amend the return prior to April 15?

Danalyst — Tue, 04 Jun 2019 00:47:01 GMT

Can I amend the return prior to April 15?

Thanks for this quick and helpful reply.

Danalyst — Tue, 04 Jun 2019 00:47:02 GMT

Thanks for this quick and helpful reply.

You have time to amend. You can also amend after April 15.

MinhT — Tue, 04 Jun 2019 00:47:04 GMT

You have time to amend. You can also amend after April 15.

you should amend and pay before April 15 to avoid penalt...

fanfare — Tue, 04 Jun 2019 00:47:05 GMT

you should amend and pay before April 15 to avoid penalties and interest.

THANKS, ALL

Danalyst — Tue, 04 Jun 2019 00:47:07 GMT

THANKS, ALL