How do I file an amended tax return?

I think my tax preparer screwed it up last year. I took money out of a ROTH IRA(To buy a house), but it was less then principal. It was only my contributions. I was telling her I was getting double taxed. She need another persons help. They never asked me about my totals on what I made. Only we have to report it when it says no taxable amount such BS. I put in 11k and I took out like 9.5k. Bad timing investment...if I stayed gotten my money back and much more..if I amend it myself will the IRS need proof of my contributions? Or is it better to just go talk with a tax preparer.

Thanks!!

4 Answers

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  • 1 month ago

    You have to mail it in.  Amendments are not done online.  If you are capable, you can do it yourself, or you can hire someone else to check it and file any necessary amendment.

  • 1 month ago

    She was right that you do have to report it.

    You must report the total amount taken out of an IRA or Roth IRA on line 4a, even if it is not taxable, and the taxable amount ($0) on line 4b.

  • Anonymous
    1 month ago

    The IRS gets copies of the 1099-R and 5498 each year (though the 5498 is issued in May, not January).  The paper trail is pretty easy to follow.

    If, as you said, this was a return of principal only, then the original 1040 would show $0 on line 4B and a form 8606 would be attached with only part III filled in.

    If, instead, there is an amount on 4B and/or you see forms schedule 2 and 5329, then it's an issue.  To amend, you would use form 1040X with explanation and correct forms.

    FWIW, starting this year, professional tax preparers can file the 1040X online.

  • 1 month ago

    It is much easier for the firm who prepared the return to amend it as it is already in their system  It you do it on your own, you would have to re-enter everything and try and match what the preparer did.

    Go back to that office and climb the ladder until you find someone who knows what they are doing.  Fixing a mistake should be free.

    However......The 1099R would still need to be reported your return.  Take a look at your return.  If it was done correctly, Line 4a would show "$9,500" and Line 4b (Taxable Amount) would be "$0.00".  If the return shows $9,500 on Line 4b then, it is wrong and needs to be amended.

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