Retirement tax questions

You can remove the ROTH IRA contributions on your 2020 tax return.  Since ROTH is purchased with post-tax money, there will be no effect on your 2020 taxes.  You do not need a substitute 1099-R.  

Follow these steps:

 

  • Federal
  • Deductions and Credits
  • Traditional and Roth IRA Contributions
  • Click the ROTH IRA box under your name
  • Fill in the screens
  • Enter the amount of your contributions
  • Enter the Excess Contributions
  • Enter value of Roth IRA (should be zero)
  • If it says you have a penalty, then enter the amount of the withdrawal again

In 2022, you will also enter the 1099-R for this plan.

 

IRS Roth IRA

 


 

 

 

 


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