I filed my taxes and took Ira deduction now cannot afford to buy IRA?

Question

I filed taxes taking the Ira deduction, now due to family emergency I cannot buy the IRA Does anyone know If I can pay back the difference in my refund or get an extension to purchase them thanks

Answer 1

Actually you can claim a deduction for an IRA you have not yet funded as you have until April 15th (could be 17th this year, not sure) of the current year to fund said IRA for the previous year. If you do not fund it, just file an ammended return (Turbotax has an easy way to do this if you happen to use it). You will have to pay in the amount that you should not have originally received as a refund (or owed less). It's definitely not a big deal, but you will need to do it or you will probably receive a letter.

Answer 2

Wow your all messed up how are you even deducting an IRA contribution you didn't yet make. You take the deduction for IRA contributions that you have made in that year, so you already made them. So for your 2006 tax return you should have deducted any IRA contributions you made between Jan 1, 2006 - Dec 31, 2006. You don't take a deduction from your 2006 return because you are going to make a contribution in 2007.

You probably will have to file an amended return. The IRS, unlike what many believe, is not that hard to deal with. Your next step will depend on whether you filed yourself, or if someone filed for you. If someone filed for you then go to them and explain the situation, although I don't know how they would let the happen. If you did them yourself, then maybe you should hire a professional. Start, however, by contacting the IRS.

Answer 3

Unless you can put the money into an IRA by next Tuesday, you'll need to file an amended return and pay back the portion of the refund you got based on the deduction. File the amendment by 4/17 to avoid penalties.

Answer 4

You will have to refile ("amend) your tax return.

If you got money back, don't spend it all, as you will now have to pay taxes on the money you contributed.
(begin cut and past from IRS website)
How can I correct a mistake on my federal e-file return?

Once accepted, you must allow the e-file return to process before making any changes. You cannot correct a mistake on a federal return which was filed electronically. You need to file an amended or corrected return using Form 1040X (PDF), Amended U.S. Individual Income Tax Return, as soon as possible. Include copies of any schedules that have been changed or any Form W-2 (PDF) you did not include. The Form 1040X (PDF) is a paper form.
(end)
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PLEASE READ THE LINK BELOW, AS IT HAS MORE SPECIFIC INFORMATION THAT YOU WILL FIND USEFUL.

Regards and pardon the caps,
RG

Answer 5

because you've study up in this, you comprehend that you'll take your loss once you liquidate all of your IRA debts in the twelve months you liquidate all of them. with a view to get any type of deduction on your loss, you may want to get rid of each and every thing interior a similar twelve months. once you've different IRA debts, those might want to be liquidated as well...each and every thing. enable me assume that it really is your only IRA, and that you've never taken something out of your IRA before, that could substitute the concept of your funding. The stickler is this: the concept on your IRA is the completed of your nondeductible contributions. i will assume you've $25,000 in nondeductible contributions, it really is the case once you've a Roth IRA operating example. in the adventure that your foundation in the IRA became $25,000, and also you liquidate it for $2,000, you need to take a deduction for the shortcoming of $23,000 as a miscellaneous deduction on type 1040 agenda A. This deduction is challenge to a 2% of AGI floor. this would reason your itemized deductions to totally wipe out your earnings tax legal duty, besides the very shown reality that you do not rather get a $23K deduction, because you forgo the classic deduction, plus you may want to shave off 2% of your AGI. at the same time as your earnings tax should be 0, you'll nonetheless might want to pay the $2 hundred penalty tax on the early distribution. regrettably, this loss won't be able to be carried ahead in case you may't take great factor about all of it.

Answer 6

how do you look in stripes? lol

File an amended return.

Answer 7

El problemo!!!