If my IRA administrator did not issue me a 1099 for a contribution I made to an IRA earlier this year but claimed on my 2018 taxes, what should I do?

by David A. Caplan, CPA | Sep 06, 2019
askacpaicon


I made contributions to an IRA in February 2019 and claimed the deduction on my 2018 federal taxes. I did not get a 1099 from the fund. I questioned the fund administrator and was told that I needed to have told them it was for 2018. Is there anything I can do? Or do I need to file an amended return eliminating the deduction?

This is a difficult, and, unfortunately, common situation. It is hard for you to prove that you did or didn't tell them, or that they should have known better. Your best course of action would be to ask the administrator to amend their reporting. They can do this, but they aren't always willing to do so. If they refuse to correct it, the best thing for you to do would be to amend your return and show the deduction in 2019.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: David A. Caplan, CPA, is a sole practitioner in Lafayette Hill, Pa.

Disclaimer
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Ask a CPA

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.

Search