@herminator wrote:
Hi I have similar situation, amending 2018 return to handle excess roth contribution that was removed on 3/27/2018 before I filed 2018 return. But I did not report the income on the excess, so doing that now that I have the 2019 1099R. That all went into Ttax OK.
My question is do I have to correct 2018 on the ROTH contribution as it was done orig. as 2500 as I had already backed out the excess 3000.00 So do I have to go back and change that to show 5500 contributed but 3000 removed before April 15, 2019 or does the new 1099R with codes P & J cover that. Thanks.
You should remove the amount return form the IRA contribution section so it does not affect the 8880 (Severs Credit) if that applies and does not carry to 2019. If you already started 2019 and the excess has already carried to 2019 the you need to remove that also so 2019 does not add a penalty.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
