2021 Taxes

[reynaldo520]

I am doing my taxes and just noticed that the amount showing in my 2021 form 1040 item 4a (IRA Distributions is double than the correct amount; not sure how this happened. in other words, it supposes to be 18.5 K and it is showing 37K? what should i do?

[AnnetteB6 · Accepted solution]

If the amount on Form 1040 line 4b is also greater than it should have been, then you need to file an amended return for 2021 since your taxable income amount was incorrect.  

Also, go back through your tax records for 2021 and check any Form 1099-R that you received.  Make sure you did not have a corrected Form 1099-R that may have been entered as a separate form on its own.  Also, consider whether you had any distributions that were rolled into another like-kind retirement account.  Those distributions would be reported on line 4a, but would not be included on line 4b as taxable.

[reynaldo520]

Hello there, Thanks for your input.

I look at the 1040 and in line 4a is showing the double amount (it is exactly double amount of what my 1099-R have in #1. gross distribution) also line 4b in my 1040 is showing 0.

I am not sure how do to file an amended return for 2021?

Cheers

Rey

[MarilynG1]

Here's info on How to Amend a Prior Year Return.

However, since your Taxable Income did not change, you may not need to Amend.

Do I Need to Amend?

[reynaldo520]

Hello There

After looking at my tax return, I can see that!! if I do an amend the amount of refund or needed to pay to the IRS won't change because the amount in that 4a won't change as you said my 2021 taxable income.  (It will stay the same)

All I was worried was about IRS thinking that I have all that amount in my 401K when that is not the correct amount?

Cheers

Rey

[DanaB27]

Yes, as Tax Expert MarilynG1 mentioned if your refund/balance due doesn't change then you do not need to file an amendment. Since this wasn't a taxable distribution you don't have to worry about that.

@reynaldo520 

[reynaldo520]

Hello there.

You mean if my refund/balance "do not" changes then I do not need to file an amendment; since it is base in mt taxable amount; but if it does change then I will need to do the amendment correct?

[DanaB27]

Yes, if your refund/balance "does not" change then you do not need to file an amendment but if it does change then you will need to do the amendment.

@reynaldo520