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Incorrectly filed returns with the TSP as an IRA in past returns

Forum|Forum|6 years ago
February 23, 2020
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I have the Federal Employee TSP plan. For the past 2 years I have filed returns where I have entered my TSP contributions in the IRA contributions section in TurboTax. I was completely unaware that the TSP contributions were actually entered on our W-2s. Therefore, is this something that I need to correct on past returns, or since the returns were already accepted just leave them alone?

Best answer by DeanM15

Yes, this is something you need to correct by amending your tax return for the years you took the IRA deductions.

Because the deductions were on your W2 and you took the same deduction as a contribution to an IRA you have been unintentionally double-dipping.

For TurboTax Online, simply login to your account and scroll down to Your Tax Returns and Documents. Then choose the year and Amend (Change) Return. If you used our CD/download product, sign back into your return and select “Amend a filed return".

D

DeanM15Answer

Yes, this is something you need to correct by amending your tax return for the years you took the IRA deductions.

Because the deductions were on your W2 and you took the same deduction as a contribution to an IRA you have been unintentionally double-dipping.

For TurboTax Online, simply login to your account and scroll down to Your Tax Returns and Documents. Then choose the year and Amend (Change) Return. If you used our CD/download product, sign back into your return and select “Amend a filed return".

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