vee_gee
Returning Member

Retirement tax questions

I did not get more than one 1099-R form (or any 1099-R form prior to 2018). I got a single 1099-R in 2018. It has entries for multiple years of excess Roth contributions, all of which were withdrawn in March 2018. Here's why -

I did not know that the AGI imposed a limit on Roth IRA contributions. So all these years of contributing to Roth, I never entered my Roth IRA contribution amounts in my tax filings as (I thought) they were post tax investments like my other stocks/MFs. I did not ever exceed the annual allowed amount any year (not counting the AGI connection). My AGI would not have limited my Roth contributions till 2015. But in 2016, my AGI crossed into the range where I was not allowed to contribute the full amount. Same for 2017 (but I was unaware of this limitation). So when I made Roth contributions in 2017, I did not know that I had already erred in 2016. I learned in early 2018 that AGI affects Roth IRA contributions. So I immediately withdrew the excess 2017 contribution (before the 2017 tax filing deadline). I also withdrew the excess for 2016 at the same time. I was told that I would receive 1099-R for excess contributions for those years in 2018. Since I did not have any figures for earnings related to those excess contributions, I did not enter anything in the 2017 filing and decided to wait to get the 1099-R before filing an amendment for 2016 taxes (which I was sure I had to do due to the late withdrawal of the excess).
Hope this clarifies the situation.