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Why is this a question… if you leave it, you’re committing tax fraud that would be quite clear from the documents you submit for your return, so is your goal to commit tax fraud and get caught? If no, I would correct it
What a hall monitor
You think or you did? Should not be hard to check. If you did you amend your return and fix it
fix it. however roth contributions dont usually end up in creating tax deductions. By their nature you pay tax now on the money contributed to allow for tax free growth and withdrawals in the future.
you may end up w a refund if the traditional ira contribution is deductible.
Goal is not to commit tax fraud. Goal is to do a cost-benefit analysis of pros and cons of correcting versus not correcting. Does the reasonable probability of pros of correcting, outweigh the reasonable possibility of the cons of not correcting?
Chief
Fix it.
You work at KPMG.
Pro
KPMG - I am amazed that you are actually contemplating what to do since you know what you did was to accidentally commit tax fraud.
Analogy…. You just walked out of Macys by mistake with $300 worth of merchandise with the store guard looking at you. Do you say “whoops” and pay for it or run like hell and hope he does not have the energy to chase you.