Forgot to fill out my IRA contribution for 2023 - can I still claim it?
So I was doing my taxes for 2024 and realized I completely forgot to report that I made a $5,500 contribution to my traditional IRA for the 2023 tax year. I made the contribution in March 2024 before the tax deadline but somehow forgot to include it when filing. My tax return has already been processed and I received my refund about 3 weeks ago. I'm freaking out a bit because I know this affects my AGI and potentially other tax benefits. Do I need to file an amended return? Will this trigger some kind of audit? I've never had to amend a return before and I'm worried about messing something up. Has anyone dealt with this situation before? I use TurboTax if that matters for the amendment process. Any advice would be greatly appreciated because I'm kind of panicking right now.
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Dylan Campbell
Yes, you should file an amended return (Form 1040-X) to report your IRA contribution. Since you made the contribution before the tax filing deadline for 2023, it's completely legitimate to claim it - you just need to correct your original filing. Don't worry too much about audits - this is actually a common situation and a straightforward amendment. The IRS sees plenty of amended returns for exactly this reason. You're actually correcting something in their favor if the contribution was deductible (since you'd owe more tax), which they appreciate. If you use TurboTax, they have a pretty simple process for filing amendments. Just log into your account, look for the option to amend your 2023 return, and follow the prompts. The software will help you complete Form 1040-X correctly. Make sure you specifically note that you're reporting an IRA contribution that was made for 2023 but not included on your original return.
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NeonNova
•Thank you for the reassurance! Quick question - will this affect the refund I already received? And approximately how long does the amendment process take? I'm worried about potential penalties if I wait too long.
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Dylan Campbell
•If your IRA contribution was tax-deductible, then yes, it will likely reduce your taxable income which could increase your refund. If you weren't eligible to deduct your contribution (due to income limits or having a workplace retirement plan), then reporting it won't change your tax situation but is still important for record-keeping. The amendment process typically takes the IRS 8-16 weeks to process, sometimes longer during busy periods. There's no penalty for filing an amendment in this situation since you're doing it voluntarily and within the correction timeframe (generally 3 years from the original filing deadline).
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Sofia Hernandez
I went through something similar last year and wish I'd known about taxr.ai (https://taxr.ai) before struggling through my amendment. They have this cool feature that analyzes your tax documents to check for missed deductions and credits - would have caught my IRA contribution issue right away. After scanning my documents, it pointed out several errors TurboTax missed, including an IRA contribution that wasn't properly accounted for. Saved me hours of second-guessing myself during the amendment process.
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Dmitry Kuznetsov
•Does it work with all tax software or just certain ones? I'm using H&R Block this year and I'm horrible about keeping track of my retirement contributions.
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Ava Thompson
•Sounds interesting but I'm always skeptical about these tax tools. How exactly does it catch things that TurboTax misses? Aren't they using the same tax rules?
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Sofia Hernandez
•It works with documents from any tax software - it's analyzing the actual tax forms and documents, not the software itself. So whether you use H&R Block, TurboTax, or anything else, it can review your final documents and spot issues. The difference is that taxr.ai uses a different approach than the interview process in TurboTax. It directly scans your actual tax documents, W-2s, 1099s, and previous returns, then compares everything against tax laws. TurboTax relies on you inputting information correctly during the interview process, but if you forget to mention something (like an IRA contribution), it has no way to know.
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Dmitry Kuznetsov
Just wanted to update everyone - I tried taxr.ai after seeing it mentioned here and it was seriously helpful! I was in a similar situation where I made an IRA contribution but wasn't sure if I reported it correctly. Uploaded my documents and it immediately flagged that my retirement contributions weren't matching what was reported. Ended up finding another issue with my student loan interest deduction too that I had no idea about. Way easier than trying to figure it out myself or paying an accountant for a simple review.
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Miguel Ramos
If you're having trouble getting clarity from the IRS about your amended return, try Claimyr (https://claimyr.com). I was stuck in IRS limbo after filing my amended return for a missed IRA contribution last year. Called for weeks and couldn't get through. Claimyr got me connected to an actual IRS agent in about 20 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c They basically hold your spot in the phone queue and call you when an agent is about to answer. The agent confirmed my amendment was processed correctly and explained exactly how my refund adjustment would work. Saved me weeks of stress and uncertainty.
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Zainab Ibrahim
•How does this actually work? Do they have some special access to the IRS or something? I've been on hold for literally 3+ hours trying to ask about my amended return.
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Ava Thompson
•This sounds like BS honestly. Nobody can magically get through to the IRS faster. They have one phone system and everyone has to wait in the same queue. I bet they just autoredial and you still end up waiting forever.
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Miguel Ramos
•They don't have special access to the IRS - they use an automated system that navigates the IRS phone tree and waits on hold for you. It's basically like having someone else wait on hold while you go about your day. When a human IRS agent is about to pick up, you get a call connecting you. It's definitely not BS. The wait times are still the same, but the difference is you're not personally sitting there listening to hold music for hours. I was skeptical too until I tried it. You set it up, go about your day, and then get a call when you're actually connected to a human at the IRS. Much better than wasting an entire morning or afternoon waiting on hold yourself.
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Ava Thompson
Ok I take back what I said. I was desperate after trying to call the IRS for three days straight about my amended return (also for a missed IRA contribution). Decided to try Claimyr even though I thought it wouldn't work. Set it up at 9am, went to work, and got a call around 11:30 connecting me to an actual IRS person. Ended up getting confirmation that my amendment was received and I should expect my adjusted refund in about 4 more weeks. I still had to wait in the queue, but at least I could do other things instead of listening to that awful hold music for hours.
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StarSailor
Not sure if this helps, but I had to amend a return for an IRA contribution last year. One tip: make sure you print and save a copy of your Form 5498 from your IRA provider showing the contribution date and amount. The IRS sometimes asks for documentation of the contribution date to verify it was made before the deadline. My amendment took about 12 weeks to process, which seems to be pretty standard these days.
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NeonNova
•That's really helpful! I have the confirmation email from my IRA provider but wasn't sure what documentation I might need. Do I need to submit the Form 5498 with my amendment or just keep it in case they ask?
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StarSailor
•You typically don't need to submit the Form 5498 with your amendment unless specifically requested. Just keep it with your tax records in case of questions later. The form should show both the contribution amount and that it was designated for tax year 2023. If you don't have the actual Form 5498 yet (they're sometimes sent out later in the year), your confirmation email should work as temporary documentation, especially if it clearly states the tax year the contribution was for.
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Connor O'Brien
Does anyone know if the "lookback rule" applies here? I think there's some rule where you can make IRA contributions for the previous year up until the tax filing deadline, but I'm not sure if it affects how you report it on an amended return.
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Dylan Campbell
•Yes, the "lookback rule" is exactly what allows you to make IRA contributions for 2023 up until the tax filing deadline in 2024 (April 15, 2024 for most people). Since the OP made their contribution before this deadline, they can definitely count it for 2023. For amended return purposes, you report it exactly the same way you would have on the original return - as a 2023 contribution. Just make sure your IRA provider correctly coded it as a 2023 contribution when you made it.
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Nia Johnson
I went through this exact same situation two years ago and totally understand the panic! The good news is that filing an amended return for a missed IRA contribution is really straightforward and won't cause any issues with the IRS. Since you made the contribution before the April deadline for 2023, you're absolutely entitled to claim it. The IRS actually prefers when people voluntarily correct their returns - it shows good faith compliance. A few things that might help ease your anxiety: - This is considered a "taxpayer favorable" amendment since you're likely reducing your taxable income - The IRS processes thousands of these amendments every year for the same reason - You have up to 3 years to file an amended return, so there's no rush or penalty For TurboTax, just log into your account and look for "Amend a Return" - the software will walk you through it step by step. The whole process took me maybe 30 minutes once I had my IRA contribution documentation ready. You'll likely get an additional refund if the contribution was deductible, which is a nice bonus for doing the right thing!
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Jade Lopez
•This is such a relief to read! I've been losing sleep over this for days thinking I messed up big time. Your point about it being "taxpayer favorable" really helps put things in perspective. Did you end up getting a bigger refund when your amendment was processed? I'm trying to figure out if I should expect to owe money or get more back since this was a traditional IRA contribution that should be deductible.
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