Hi,
I filed my 2020 return in Feb. I did not report any ROTH contributions as I contributed for the 2020 tax year after filing.
An excess ROTH contribution was discovered in May after filing and removed at a small attributable loss.
Do I still need to amend my 2020 return? My 2020 5498 form shows the amount INCLUDING the excess.
Thanks
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If you had entered the Roth IRA contribution in TurboTax and didn't enter that you withdrew the excess contribution by the due date, then you will have the 6% penalty on your return. You removed the excess in time therefore you do not owe the 6% penalty and want to amend your return to remove it. Please see How to amend a tax return for instructions.
Only the earnings from an excess contribution have to be included in your taxable income.
Thanks.
I didn't enter the ROTH on my taxes at all.
My 2020 5498 shows the entire contribution including the excess. I am concerned this will cause a problem with the IRS if I don't amend.
No, it will not create issues.
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