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Returning Member

Hello, I made an IRA mistake. Need help to fix Please. Thx.

Hi All, Made a mistake starting in 2016 and repeated in 2017, reported my simple IRA as a traditional IRA which then generated an overage amount / penalty on both previous returns. Went into to my mental notes to call my agent but life got in the way and both times went to the back burner. Fast forward to now, not as concerned with recouping the 2 years penalty as I am with fixing the mistake for 2018. Current return in progress shows the overage and is asking for a correction amount so not assess another penalty. Will it be possible to list the amount that the doc is asking for (in this case 1,453.00) so I can complete the return? Then along with the return submit an explanation form outlining the mistake? I can also forward my 5498 for 2018 and with a bit of work the previous 2 years as backup if necessary. Thx.

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Level 6

Hello, I made an IRA mistake. Need help to fix Please. Thx.

I recommend that you go back and do amended returns for 2016 and 2017 to get your accounts in order.  Failure to get the accounts in order could create ongoing problems for the future. If you are unable to do that on your own, then please consider getting professional assistance. Please take charge of your finances so that you can enjoy a future retirement.  TurboTax Live support is provided with upgraded versions of TurboTax.

 https://turbotax.intuit.com/personal-taxes/online/live/