US Fed taxes. should I amend?

bobalu · #1 (**permalink**) 06-04-2010, 03:51 PM

I filed my and my wife's joint tax form on time. I claimed 5,000 each for traditional IRA contributions. Then I found out that her contribution didn't make it on time for 2009. It was put in for 2010. Worried that I would lose money I researched her contributions for the past 4 years and realized that she over contributed 5000 in her sep IRA in 2007. When I factor the overpaying in 2007 in turbotax and take out the 2009 contribution it works out to a 20 dollar difference.
should I amend my 2009 tax to accurately reflect what year I contributed what?
Will that increase my chances of an audit?
Should I figure it evens itself out anyway and not bother amending since I could explain this if I do get audited.

thanks
Bob

sapphirecapital · #2 (**permalink**) 06-06-2010, 02:08 AM

the amendment of this will be lenthy and will almost certainly trigger a second look or even an audit, better done by a professional, I personally would gamble that it will never come up, the chances are good but still its a gamble and since you know now all bets are off, depending on the auditor you can get a slap or a fine, but amending it through a professional will take another couple of 100$, so............................

bobalu · #3 (**permalink**) 06-07-2010, 02:58 PM

Thanks!
Thats what I figured.

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