- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Please be aware, since you withdrew the 2018 excess contribution after the due date of the 2018 tax return and paid the penalty each year you were not required to withdraw the earnings and you will enter this as a regular distribution. There is no need to split up the earnings and return of contribution.
Since this is treated as a regular distribution it will reduce your net contribution amount (all contributions minus distributions) after this tax year.
After you enter the 1099-R as shown on the form into TurboTax please answer the follow-up questions in TurboTax carefully in regards to the Roth IRA.
- Click on the "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- Click "continue" after all 1099-R are entered and answer all the questions.
Please review this article What happens if I made an excess Roth IRA contribution for additional information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 5, 2022
6:14 AM