Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-11-2016, 03:40 PM
Junior Member
 
Join Date: Apr 2016
Posts: 2
Question Neglected to Include a Recharacterization Explanation?

In 2015 I contributed to my Roth IRA. In March of 2016, before I submitted my 2015 tax information to the IRS, I recharacterized that Roth contribution to a Traditional IRA. Of course, by this time, the Roth IRA contribution had already been reported to me/IRS on Form 5498 by Fidelity.

When I filed my taxes for 2015 (shortly after I recharacterized the Roth), of course I took the deduction for the Traditional contribution, but I forgot to include the written explanation stating that I recharacterized my Roth to a Traditional.

So I am trying to figure out if I need to do anything, like amend my 2015 return to include the explanation (seems like a lot of work), even though it won't change any of the numbers. So it almost seems unnecessary to amend my return just to add an explanation since it is my understanding that Fidelity will report the re-characterization on forms 1099R and 5498 next January, so the IRS will eventually find out that they were recharacterized.

I am interested in whether or not I need to do anything in this scenario.

Thanks for the help.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-11-2016, 04:09 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by tjt002 View Post
In 2015 I contributed to my Roth IRA. In March of 2016, before I submitted my 2015 tax information to the IRS, I recharacterized that Roth contribution to a Traditional IRA. Of course, by this time, the Roth IRA contribution had already been reported to me/IRS on Form 5498 by Fidelity.

When I filed my taxes for 2015 (shortly after I recharacterized the Roth), of course I took the deduction for the Traditional contribution, but I forgot to include the written explanation stating that I recharacterized my Roth to a Traditional.

So I am trying to figure out if I need to do anything, like amend my 2015 return to include the explanation (seems like a lot of work), even though it won't change any of the numbers. So it almost seems unnecessary to amend my return just to add an explanation since it is my understanding that Fidelity will report the re-characterization on forms 1099R and 5498 next January, so the IRS will eventually find out that they were recharacterized.



Thanks for the help.
No; you need to fiel 1040X only if you need to report another tax form, such as a W-2 or 1099;you received a corrected tax form, for example a W-2C or amended 1099-B;you forgot to report income or claim dependents, deductions, or credits;you accidentally claimed dependents, deductions, or credits that you weren't eligible for;you made an error, such as reporting income or deductions that should have been reported for a different tax year or etc



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 04-11-2016, 11:30 PM
Junior Member
 
Join Date: Apr 2016
Posts: 2
Thanks for the information!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
forgot to include W2s rayjames Income 1 02-16-2015 06:04 PM
Help with 1040X explanation! sailormike Income 1 06-08-2011 04:41 AM
Do i have to include my wifes w-2. MikeJax1 Filing Requirements 1 02-01-2011 02:08 AM
What income employers include on a W2 W2s Income and Taxes Income 0 01-05-2010 08:11 PM
Recharacterization of Roth to Traditional IRA tristan IRA/Sep 1 02-23-2008 11:08 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning