Amend due to Roth over contribution

[jthtaxes12]

In tax year 2018 our financial advisor mistakenly over contributed to our Roths. Upon starting taxes, the error was realized and the financial advisor removed the contribution minus losses, after filing our return but before the tax deadline. I started our 2019 taxes and we received a 1099-R form documenting this distribution from our Roths and states that we need to amend our 2018 return. How do we correctly go about doing this? I have opened our 2018 tax return in the Turbo Tax 2018 software and gone to the deductions/credits section. Is it correct to 0 out or contribution for 2018 but not document any excess? 

[DaveF1006]

No that is not the correct way to do this.You need to report the contribution as is for both Roth Accounts and tell Turbo Tax that the excess contribution will be withdrawn by April 15 or whatever the due date is shown in your 2018 return.

in your Turbo Tax Amended software, go to:

1) Federal Taxes>deductions and credits>choose what you work on

2) Go to Retirement and investments>Traditional and Roth IRA Contributions

3) Select Update

4) Make sure the Roth contributions reflect the amount of the contribution that was made for both accounts.

5) As you navigate through the questions, you will reach a screen that says, "Your Roth contributions are too high.  When you reach this screen, press continue.

6) This next screen tells you you have a penalty but gives you an option to return the excess portion of the contribution.  Here is where you input the excess contribution that was given back.

7) Remember you will perform these steps for each of you so make sure you enter your information separately from your husband.  The program address each of you separately.

Make sure the software you are in is the amendment software you downloaded from your Turbo Tax online account. You will know this if the refund monitor at the top of the page showed 0 before you began amending.

[Efraim11]

Similar situation,  But  Box 2B is checked "Taxable Amount Not Determined". (It is a Roth, after all.)  Block 7 has the code "PJ" entered. So far as I can interpret it, the J code designates an "early  distribution from a Roth IRA, no known exceptions" and the "P" code designates "Excess contributions plus earnings/excess deferrals taxable in 2018."  So now, I'm totally confused.  What do I do about entering this for 2019?  And will it help to submit an amendment for 2018?  My wife is 68 years old, and we had no earned income in 2018, but the deposit was made in error and immediately withdrawn.

[DanaB27]

You do not need to include the 1099-R with code P in your 2019 tax return but if you have already entered it you do not have to delete it since TurboTax will ignore it with the P-code.

You will need to amend your 2018 tax return to include the 1099-R if you haven't already done so by "creating" a 1099-R when filing the original return. Please see How do I amend a 2018 return in TurboTax?

@Efraim11