Hello,
I am trying to figure out how to file my excess contribution on my ROTH IRA account. I have seen other posts on here about excess contribution to their IRA but I am still a bit confused in my situation.
On 11-29-2018 I deposited $5500 into my ROTH IRA
on 1-15-2020 I withdrew $3600 because I didn't know about the Maximum Modified AGI amount. I calculated that I had over contributed $3600 based on my Maximum Modified AGI for 2018. The extra $1900 stayed in the IRA as a contribution.
I received the 1099-R form this year showing that I had a gross distribution of $3600 with box 2b checked "Taxable amount not determined". Also Distribution code J(early distribution) is entered.
I would like to just pay the 6% tax on the $3600 that I had in excess for the year of 2019. This is where I am not understanding how to do this. The 1099-R form I received shows 2020. Should/Can I report this on my 2020 Tax Form or do I need to amend my 2019 form? I tried reporting it on my 2020 taxes and entered in the $3600 as excess contribution but it doesn't seem to change anything for my federal taxes. It never specifically says anything about the 6% either. Any help would be appreciated.
Thank you for your help,
Ryan
