A:

It depends.

If these were Traditional IRA contributions, they may be reflected on your tax return. Otherwise, you may ask for written confirmation from the IRS that the errors were, in fact, corrected and that the corrections are now properly reflected on your records.

For more information, read Avoiding IRS Penalties On Your IRA Assets and IRA Year-End Statements.


This question was answered by Denise Appleby
(Contact Denise)

Hot Definitions
  1. Life Insurance

    A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the ...
  2. Price Elasticity Of Demand

    A measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. Price ...
  3. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying ...
  4. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  5. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  6. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
Trading Center