DanaB27
Expert Alumni

Retirement tax questions

Yes, you won’t enter the 2018 Form 1099-R on your 2019 return. All you need to remove the excess penalty on your 2019 return is to delete the excess:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Enter Excess Contributions" screen delete the excess amount that was carried over.

 

In the explanation of why you are amending the return you can state that you had removed the excess contribution in prior years by the due date but had an incorrect carryover. Therefore, you are removing the incorrect excess contribution entry from Form 5329 line 18.

 

@dpreas2017 

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