topic Should I send an amended 1040-SR? I sent my 1040-SR on Turbo Tax to the IRS yesterday; today I found a Roth IRA I forgot to add. It won't affect my taxes, but IRS has it. in Retirement tax questions

Should I send an amended 1040-SR? I sent my 1040-SR on Turbo Tax to the IRS yesterday; today I found a Roth IRA I forgot to add. It won't affect my taxes, but IRS has it.

rdnathan — Wed, 01 Apr 2020 17:17:23 GMT

Will the IRS flag the 1040-SR for the error and possibly do an audit?

Re: Should I send an amended 1040-SR? I sent my 1040-SR on Turbo Tax to the IRS yesterday; today I found a Roth IRA I forgot to add. It won't affect my taxes, but IRS has it.

macuser_22 — Wed, 01 Apr 2020 17:30:34 GMT

A Roth 1099-R or a Roth IRA contribution?

If a 1099-R and it does not affect the tax the I would not bother with an amended return. The IRS might detect it when they match in about a year of so and send a letter. A simple explanation in response to the letter should be sufficient - they rarely send letters for no tax change errors.

Roth contributions do not go on a tax return.

A Roth IRA contribution does not actually go on a tax return, but you can enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.

Re: Should I send an amended 1040-SR? I sent my 1040-SR on Turbo Tax to the IRS yesterday; today I found a Roth IRA I forgot to add. It won't affect my taxes, but IRS has it.

rdnathan — Sat, 04 Apr 2020 16:47:51 GMT

Thank you

Re: Should I send an amended 1040-SR? I sent my 1040-SR on Turbo Tax to the IRS yesterday; today ...

DavidS127 — Sat, 04 Apr 2020 17:07:02 GMT

If you have a Roth distribution that does not impact the tax due in 2019, you do not need to file an amended tax return.