Hello, I am at a loss. I did stupid things last year for 2019 Tax and I am suffering from the consequences.
I hope the experts can help me with this..
In 2019, my wife and I made excess contribution to ROTH IRA and I reported Federal Tax (before 4/15/20, sometime in march 2020).
After finding this out, we contacted Vanguard and they suggested to make an Traditional IRA account and move some money from ROTH IRA. So we did..
A few days ago, I received two 1099-R forms (one attached to ROTH IRA and the other attached to Traditional IRA). I am pretty sure my wife would be the same, but not entirely sure.
1099-R attached to ROTH IRA shows,
Gross distribution (Box 1): X,XXX. XX
Taxable amount (Box 2a): 0
Federal income tax withheld (Box 4): 0
Distribution code (Box 7): R
State tax withheld (Box 14):0
remaining boxes are empty.
1099-R attached to Traditional IRA shows,
Gross distribution (Box 1): X,XXX.XX (this amount is about 168 dollars more than box 1 in ROTH IRA 1099-R)
Taxable amount (Box 2a): same amount as above line
Taxable amount not determined, total distribution (Box 2b): these boxes have "X" marked. no amount specified.
Federal income tax withheld (Box 4): 0
Distribution code (Box 7): 02
IRA/SEP/SIMPLE: checked with "X"
State tax withheld (Box 14):0
remaining boxes are empty.
What am I supposed to do? I am totally clueless at this point. Please help.
