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Roth IRA Contribution Reported as Traditional on Tax Return & Refund Already Received

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    #1

    Roth IRA Contribution Reported as Traditional on Tax Return & Refund Already Received

    Person at financial institution is new. I would rather not ask them to recharacterize from Roth to Traditional. Is it possible to just file an amended return to remove the IRA deduction and send a check for the difference? Will IRS bill me for any interest on the excess refund returned to them?
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    #2
    Are we talking about 2014 tax year?

    You can amend with 1040X and correct the IRA contribution, pay the balance due. I don't think any interest is due since we are still in Feb.

    The bank however has to fix their records otherwise that contribution will show as trad and will impact the 1099R when it is eventually withdrawn!
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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