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Old 04-07-2009, 12:43 AM
Harlan Lunsford
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Default Re: Planned IRA contribution by 4/15 but can't make it..

Bill wrote:
- quote -

> baghastin[at]gmail.com posted:
> > I filed my 2008 return and had a deduction
> > because I planned on contributing $2500 to
> > my IRA before 4/15. I cannot make this
> > contribution now..I can make a smaller one.
> > What will happen to my 2009 return?

> No problem. Assuming your earlier filing was some time ago, you still
> have more than a week before the final due date to file an amended
> return (Form 1040X), with a corrected amount shown. Also, you should
> enclose (or authorize direct withdrawal) for any additional taxes due,
> including any excess refund.
> Please note: If your return was filed recently, there might be a
> problem with two returns "in transit at the same time." If you have
> confirmed that any payment has been made and deposited by IRS (or if you
> have received any refund you were due), then you can immediately file.
> Otherwise, I would recommend you mail your amended return (1040X),
> including any payment, which will allow more time for the prior return
> to clear.
> Bill

If there had been a refund involved on original return, then I would
counsel waiting until refund received before amending. However if
balances due are involved in both situations, amend asap and send along
difference with with the 1040x.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 04-06-2009, 04:38 PM
Bill
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Posts: n/a
Default Re: Planned IRA contribution by 4/15 but can't make it..


baghastin[at]gmail.com posted:

- quote -

> I filed my 2008 return and had a deduction
> because I planned on contributing $2500 to
> my IRA before 4/15. I cannot make this
> contribution now..I can make a smaller one.
> What will happen to my 2009 return?


No problem. Assuming your earlier filing was some time ago, you still
have more than a week before the final due date to file an amended
return (Form 1040X), with a corrected amount shown. Also, you should
enclose (or authorize direct withdrawal) for any additional taxes due,
including any excess refund.

Please note: If your return was filed recently, there might be a
problem with two returns "in transit at the same time." If you have
confirmed that any payment has been made and deposited by IRS (or if you
have received any refund you were due), then you can immediately file.
Otherwise, I would recommend you mail your amended return (1040X),
including any payment, which will allow more time for the prior return
to clear.

Bill

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 04-06-2009, 03:38 PM
baghastin@gmail.com
Guest
 
Posts: n/a
Default Planned IRA contribution by 4/15 but can't make it..

I filed my 2008 return and had a deduction because I planned on
contributing $2500 to my IRA before 4/15. I cannot make this
contribution now..I can make a smaller one. What will happen to my
2009 return? Thanks for any help

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
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