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#1
03-20-2007, 12:54 AM
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Screwed up on my IRA contributions... now what?
In 2004 and 2005 I made contributions to a Roth IRA. The problem is I didnt have any "earned income," just poker winnings.
Should I attempt to fix the situation myself or wait till the Government catches my error? If I wanted to fix the situation what do I do? What sort of penalties am I looking at? Thanks in advance. 
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#2
03-20-2007, 01:53 AM
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Re: Screwed up on my IRA contributions... now what?
The IRS is happy to accept corrections. If it makes you sleep better, and you want to be an honest guy and all square, just correct your return and pay the small amount you owe.
If they audit you within 3 years and catch the mistake, they're pretty much just going to tell you that you have to pay what you owe anyway. You're not going to go to jail over something like this. It sucks that they make the tax code so complicated that honest intelligent people can't even get everything right with hours of effort.
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