discovered missing self-employed income after I filed

[Danny367]

My wife is self-employed and we prepared and filed our taxes (jointly) before discovering some of her self-employed income was missing from the documents she provided. We're due a refund currently and would likely simply be due a smaller refund with this missing income (for what that's worth). Regardless, I will file an amendment to account for this missing income.

We both made tax deductible IRA contributions (right after filing) that won't be tax deductible / or may be less tax deductible when we amend to include this income. I'm guessing I will need to reduce the IRA contributions to make them deductible or reverse them completely. How do we go about doing this?

My wife also maxed out her self-employed IRA contribution which reduced our taxable income. With the additional income, this contribution could also be higher and she'd like to do that. How do we go about doing this?

I'm not sure how quickly I'll be able to amend and concerned also about being able to make all 3 of the IRA corrections before April 18th.

Please help. Thanks.

[ee-ea]

Your pending return can not be changed. If your return is accepted you will get an email. If the return is rejected the e-mail will tell you what to correct and you can make changes before e-filing again. Amend to change an accepted return after you get your refund. You have 3 years to amed. Instructions below

.https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

[Danny367]

Yes, I'm aware that I need to amend the return and cannot do so at this time. My questions are about handling the 3 IRA contributions. Please advise.

When I amend in TT do I revisit all 3 IRA contributions and change those amounts? If so, what if I'm not able to amend until after April 18th when I likely will not be able to touch those IRA contributions?

Thanks.

[GeorgeM777]

No, you will be making an adjustment to your Adjusted Gross Income (AGI).  Deductible IRA contributions are subtracted from taxable income to arrive at AGI.  The first line item on Form 1040-X relates to AGI as originally reported, then the net change, and lastly the correct amount.  When you amend your previously filed return, TurboTax will likely already have entered your original amount, and then you will make the additional entries--the net change, and the correct amount--reflecting your post filing deductible IRA contributions.

As long as your IRA contributions have been designated by your broker as 2022 contributions, you should not have any issues if you are not able to amend your return until after the tax filing deadline.  If you want your IRA contributions to be effective for year 2022, make the contributions before the tax filing deadline, and notify your broker that such contributions relate to tax year 2022, and not 2023. 

@Danny367