Should I Include a Letter with an Amended Tax Return?
February 26, 2023 8:49 AM Subscribe
While working on my 2022 tax return, I discovered that I accidentally took a deduction in 2021 that I shouldn't have. This was due to miscategorizing the year I contributed to my IRA. Should I include a letter explaining that in my amended return?
Basically, what I said about the fold. I am amending both my state and federal returns to remove that deduction and pay the necessary taxes.
When I contributed to my IRA in 2022, I intended for the contribution to be assigned to 2021, but inadvertently assigned it to 2022. This year when filing I went to contribute to 2022, and the system complained and wouldn't let me do it. That was when I realized the error.
Is there any benefit to including a brief letter to explain what happened?
Basically, what I said about the fold. I am amending both my state and federal returns to remove that deduction and pay the necessary taxes.
When I contributed to my IRA in 2022, I intended for the contribution to be assigned to 2021, but inadvertently assigned it to 2022. This year when filing I went to contribute to 2022, and the system complained and wouldn't let me do it. That was when I realized the error.
Is there any benefit to including a brief letter to explain what happened?
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Form 1040-X already has a Part III that has you explain the changes to the form. I don't know why you wouldn't be able to fit that explanation in the space provided. I amended my 2021 taxes for more complicated reasons and simply put a variant of "removed incorrectly applied [specific deduction]".
posted by saeculorum at 11:35 AM on February 26, 2023 [2 favorites]