Reply To: Savers Credit Followup

Home Fairmark Forum Retirement Savings and Benefits Savers Credit Followup Reply To: Savers Credit Followup

#3195
kaneohe
Participant

Taxpayer already filed and will be getting Savers Credit limited by tax , not by amount of Roth contribution. Original return was in error because withdrawals from Roth were not taken into account.

Correct return , assuming correct reallocation of 2019 contributions
(before 4/15/19) to 2018 will have different numbers for contributions
& withdrawals but because Savers Credit is limited by tax, the credit will be unchanged from original return.

File amended return because the intermediate numbers on 8880 are different
or don’t file because bottom line is unchanged? Can taxpayer assume that if IRS finds withdrawals from Roth were higher than reported , IRS will also discover that contributions were also higher than reported ?…….
so no need to file amended return?

  • This reply was modified 2 years, 5 months ago by kaneohe.