Forgot to transfer Money to IRA

Submitted by William Hammond on Mon, 2013-07-29 13:40

Client instructed advisor to transfer $6K into IRA from Brokerage account prior to filing 2012 tax return on 4-15-13. Transfer never took place and clients CPA took a deduction for $6K IRA.

Any suggestions other than advisor paying tax liability and CPA fee to client?

Can CPA file an amended return?

Thank you
Bill



Submitted by mk foss on Mon, 2013-07-29 16:21

If the return filed included an IRA deduction, an amended return is necessary. There will be interest so it should be handled sooner rather than later.

Submitted by Gino Mazza on Tue, 2013-07-30 10:44

There is no other option rather than paying the CPA fee to client, so it must be paid as soon as possible.http://www.selogerneuf.com/immobilier/bretagne.htm

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