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I claimed deduction of IRA contribution in 2016 but my wife…

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I claimed deduction of...

I claimed deduction of IRA contribution in 2016 but my wife forgot to actulally deposite the money. What should I do now?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I took a deduction for about $11000 for contributing to IRA in the tax year 2016. My wife and I are both above 50 and filed jointly. My wife did not actually deposit the money. What can we do now to rectify the situation. I do not want to lose the money I got back as a result of deduction.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I can't think of any. But please let me know. I can be reached at***@******.*** or(###) ###-####

Submitted: 4 months ago.Category: Tax
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11/30/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,181
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to JustAnswer. My name is ***** ***** I will be able to assist you today.

Unfortunately,you will need to amend your previous return. You are able to make IRA contributions anytime before April 15th of the following tax year.

___

First, you need to complete an updated income tax return for the year, showing all of the amounts correctly. Then, you will need to complete Form 1040X, which shows the original amounts that you placed on your return, the amount that you are correcting each entry, and the new, updated entry.

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Since the loss of the deduction for a traditional IRA contribution will increase your taxable income, you will may additional taxes because of this change.

___

Here is an additional resource to verify the information I have provided.

https://finance.zacks.com/claimed-ira-deduction-taxes-but-did-not-deposit-money-time-7449.html

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

I would be happy to answer any follow up questions you may have.

Thank you!

When you have no further questions please take a moment to rate response.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

If you have no additional questions please take a moment to accept the answer so I may be credited by JustAnswer for the work I completed.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Hello!

Do you have any additional questions for me?

If not please take a moment to accept the answer so I may be credited by JustAnswer form my work.

Thank you

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