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sailormike · Jun 4, 2011, 11:10 AM

I invested 2,000 into my IRA and deducted it from my 2010 Federal Taxes, but I failed to date the check and it was returned to me but AFTER the April 15th deadline. So now I'm filing a 1040x form and need to know how I should word my explanation of my error? Also do I need to send in a copy of my 1040 form with it?

AtlantaTaxExpert · Jun 6, 2011, 09:37 AM

Sorry, but unless the custodiuan is willing to take the check and back-date the funding to a date on or BEFORE 18 Arpil 2011, you cannot make the contribution retroactive to 2010.

Hence, you must amend your 2010 return and UNCLAIM the $2,000 IRS deduction.

ebaines · Jun 6, 2011, 11:35 AM

Originally Posted by AtlantaTaxExpert

Sorry, but unless the custodiuan is willing to take the check and back-date the funding to a date on or BEFORE 18 Arpil 2011, you cannot make the contribution retroactive to 2010.

Hence, you must amend your 2010 return and UNCLAIM the $2,000 IRS deduction.

I think that's exactly what the OP meant. He's asking about how to file form 1040X to unclaim the deduction.

Sailormike: in Part III of 1040X you can write something like: "My IRA contribution check was not accepted by the custodian prior to April 15, 2011, so the contribution was not allowed for the 2010 tax year." You do not need to attach the original 1040 (the IRS already has it).

sailormike · Jun 6, 2011, 03:27 PM

Thanks, one more question, do I need to include any documents such as tax credits from my original 1040 or do they have those too?

ebaines · Jun 7, 2011, 06:02 AM

If you're not changing anything regarding tax credits that you already claimed on your original 1040 then no, you do not need to send any other documentation with the 1040X. The only things you need to document with the1040X are those items that have changed from the original 1040 filing.