I put money into a Roth IRA in 2004.
I realized that it is not declared anywhere on the tax return I sent to the IRS.
I’m looking at Form 8880 (Credit for Qualified Retiremnet Savings Contributions)
Line 1 is Traditional and Roth IRA contributions for 2004.
First of all, why would you add Traditional and Roth together? Isn’t one paid from pre-taxed dollars and one from post-taxed?
Does the IRS care that I didn’t declare Roth since it is not deductible anyway? Do I care?
You only need to fill out form 8880 if you are taking the credit for retirement contributions. The AGI limits for the credit are $25,000 for single, $50,000 for married filing jointly. If you’re above those limits, there’s no need to fill out an 8880 at all - you’re not eligible for the credit. If you’re below those limits - there’s no penalty for not filing an 8880, but it’s certainly to your advantage to do so, since it lowers your tax.
Be nice to the IRS. File an amended return. Otherwise, when you old, decrepit, feeble and some smartass IRS agent comes a knockin’ they won’t seize your oxygen bottle because you did the right thing.
Of course, they might do it anyway because you were listing all of your annual SDMB registration dues as education expenses, but you didn’t ask that.
I earned less than 25K in 2004 so I think I’m out 200 dollars if I don’t fix my tax return. Assuming I’ve done this correctly.
TurboTax filled out 8880 for me because of a small 401k contribution, but never asked me about Roth IRA (that I saw, oversight in the program?)
I still can’t find the location to put Roth IRA conttributions into the online version of TurboTax.
Ok, assuming I have to file an amended return, do I have to do that via paper, or can I efile again somehow?
Oh, thanks Duckster. That answers my amended return question. Didn’t see your post in preview.