I’ll keep it simple. I filed my 2024 taxes today for two W2 jobs. On my 1040, my tax preparer adjusted my gross income because I told him I maxed out my Roth IRA contributions in 2024. I specifically explained that the money for the IRA came from my bank account after my paychecks were deposited.
From what I’ve read online, that shouldn’t have adjusted my gross income, right?
Did you clearly say, “I made Roth IRA contributions from my bank account”?
If you said that explicitly, your preparer should fix this at no charge. But if you only said something vague like “I made $7,000 in IRA contributions,” then you might need to pay them to fix it.
@augustine
I said it very clearly multiple times. I even told him, “I get my paychecks deposited into my bank account, and then I transfer money into the Roth IRA.” I showed him my account on my banking app too.
Ira said:
A Roth IRA contribution doesn’t change your AGI.
Exactly! I explained over and over that the money I contribute comes from my bank account after taxes. This is what I get for paying an ‘expert,’ I guess.
Check with your preparer. If the return hasn’t been filed yet, they can fix it now. Fixing it before it gets submitted is way easier than filing an amendment later.
@Nova
It’s better to wait for the IRS to process the 1040 first. Otherwise, you risk complications if the IRS makes its own changes. If it’s still not processed by April 15, make sure to file the amendment by then.
Reach out to your preparer and confirm if the return has been filed yet. Since e-filing hasn’t opened, they should still be able to correct it. Also, always double-check your return and ask questions before signing off.