Discussion:TP forgot to make trad ira contribution, tells me today
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> TP forgot to make trad ira contribution, tells me today
| 30 April 2008 | |
| tp calls today and says he forgot to make trad ira contribution for 07. Anything to do or just amend? | |
Death&Taxes (talk|edits) said: | 30 April 2008 |
| Your people are pikers: guy calls to get the breakdown of the SEP contribution between self and wife two days ago. Turns out he is making the payment that day without an extension. And this was 34K!!!! | |
| 1 May 2008 | |
| If TP did not make contribution by 4/15, can he make it now and amend to include? | |
Death&Taxes (talk|edits) said: | 1 May 2008 |
| I assume your client does not have an extension, LJA. If not, read Mr. Dugan for his opinion in an analagous situation: Discussion: Simple plan match | |
| 1 May 2008 | |
| This was one of those responses that was more rhetorical than anything. My (very ineffective) point was, because this was apparently a traditional IRA contribution - not a SEP and not a Simple - that the contribution would have had to have been made by 4/15. Apparently, no extension was filed, though irrelevant with a traditional IRA, so what good would amending do in the OP situation? "He forgot to make", not he forgot to tell me he made, right? | |
| 1 May 2008 | |
| tp return was filed and accepted in march.
also, agree with ljacpa about 4/15 deadline | |
RoyDaleOne (talk|edits) said: | 1 May 2008 |
| If I understand this correctly, a deduction was takend for a contribution to IRA that was not timely made. If that is the case I think I would amend the return and remove the deduction, becuase the taxpayer is taking a deduction to which the taxpayer is not entitled. | |
| 1 May 2008 | |
| Oh, my, how can this little question end up going so many different directions? I read it and re-read it several times after the responses given that didn't seem to fit. Simply (or am I the simple one?), the OP was on 4/30; the tax return had already been filed/accepted in March; taxpayer calls on 4/30 to say he forgot to make the contribution to his traditional IRA for 2007. Not a SEP, not a simple, no contribution made, tax return already filed, after 4/15. No amend, no contribution for 2007. That's it. | |
| 1 May 2008 | |
| If the IRA deduction was taken but the contribution was not made, you have to amend the 1040. | |
| 1 May 2008 | |
| LJA, I think it depends upon what one assumes when reading the OP. When I read it I assumed that the return included a deduction for the IRA which did not get made, else why woud Ekcpa suggest amending? So, in summary, a traditional IRA must be made by 4/15. An extension will not extend that due date. If a deduction was taken for an IRA that was never deposited, the return should be amended. If no deduction was taken for the contribution that was never made, no action is required. | |
| 1 May 2008 | |
| Maybe we can bring this to an end.
TP didn't make ira contribution as specified on tax return by 4/15 deadline. Tax return had already been filed and accepted in march with ira deduction listed. Tax return must be amended to remove ira contribution from accepted tax return. | |
To join in on this discussion, you must first
log in.
