DanaB27
Expert Alumni

Retirement tax questions

1. Yes, you will have to amend the 2019 tax return to report the excess contribution and pay the 6% penalty. Please see How do I amend my 2019 return?

 

2. No, since you didn't withdraw the excess contribution by the due date of the 2019 return and withdrew it in 2021 you will receive a 2021 1099-R with code J that will go on your 2021 return.

 

Yes, you will have to pay the 6% penalty for 2020 since the excess contribution was not removed by 31 December, 2020.

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