Q. I put money into an IRA during 2007 and I forgot to take the deduction on my return. What do I do now?
A. You simply file an amended Form 1040 which is called a Form 1040X. Your explanation is that you inadvertently omitted the deductible IRA. Using software makes it easy to recalculate the return. You won’t have to file an amended Pennsylvania return because Pennsylvania does not recognize this as a deduction.
Tune in to Your Financial Choices tomorrow morning at 9 a.m. on NEWS TALK AM 790 WAEB or online at www.waeb.com for a conversation on "Tools To Use" in planning your financial life!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment