Correcting an underfunded IRA
A client deducted $6,500 on her 1040 for year 2013, but she only deposited $6,000. It’s now too late to deposit anything for 2013 I believe. How do you go about correcting this situation? Can I do anything besides amending her 2013 return?
Thanks,
Joe
Permalink Submitted by Alan - IRA critic on Mon, 2015-02-23 21:23
No, amending the 2013 return to reduce the deduction is the only option if more was deducted than contributed.
Permalink Submitted by Joe Messina on Mon, 2015-02-23 22:15
Thank you very much.