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OK, so I don't want to pay the government, but I sure don't expect to get back more than I'm allowed.

See, my daughter trusted me to e-file her taxes. Great, I got a college degree (I'm smart enough to let my accountant do MY taxes).Anyway, I went and claimed the deduction allowed for a regular IRA. Trouble is, she has a Roth.

Now I have to file an amended return.

Downloaded a 1040x. It's staring me back from my desk. Can I find where to fix this screw-up on this form? No way. College degree ain't helping here.

Got any advice? Or do I need to bring my accountant in on this one?

Heaven forbid.I don't want to blow it twice...


Take a deep breath. Let it out. OK, now we're ready. If the only problem is that you deducted the IRA and shouldn't, the 1040X will be simple.

Easiest way to do it is to prepare a new 1040 with all the same numbers as before except for the IRA deduction. Make sure you check all your computations for things that depend on the AGI.

Now pick up the 1040X. The numbers from the original return go in column A. The numbers from the new return go in column C. Differences go in Column B. At the bottom of the front page you will calculate how much additional tax she owes. On the back, you need to explain each change. I would enter something like "IRA contribution deducted on original return in error. Contribution was made to Roth IRA." On the next line, I would enter "All other changes are computational changes."

If any schedules or forms other than the 1040 itself have changes, attach a copy of the amended schedule/form to the 1040X.

Ira


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