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Reporting excess contribution to the Roth IRA without having received a 1099-R
While filing taxes for the year 2018, I realized that my entire contribution to Roth IRA was in excess due to MAGI limit.
I filed for an extension with the IRS and thereby extended my deadline to Oct 2019.
I sold all of the holdings in my Roth IRA and once that money was settled I requested my IRA administrator (Fidelity) to return all of the money back to my bank account as an excess contribution. They didn't withhold any taxes on the entire amount (initial deposit plus earnings). I got 100% of my initial deposit plus the earnings back in my bank account.
Now my main question is how can I list this activity while filing my taxes?
Because I also earned some income on my Roth IRA contribution for 2018, so I would need to pay a penalty for early withdrawal on that income because I'm 30 years old. Fidelity hasn't issued me a 1099-R for the above said withdrawal. I only see a Form 5498 for IRA Contribution Information on Fidelity.
What should I do?
I filed for an extension with the IRS and thereby extended my deadline to Oct 2019.
I sold all of the holdings in my Roth IRA and once that money was settled I requested my IRA administrator (Fidelity) to return all of the money back to my bank account as an excess contribution. They didn't withhold any taxes on the entire amount (initial deposit plus earnings). I got 100% of my initial deposit plus the earnings back in my bank account.
Now my main question is how can I list this activity while filing my taxes?
Because I also earned some income on my Roth IRA contribution for 2018, so I would need to pay a penalty for early withdrawal on that income because I'm 30 years old. Fidelity hasn't issued me a 1099-R for the above said withdrawal. I only see a Form 5498 for IRA Contribution Information on Fidelity.
What should I do?
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‎August 19, 2019
2:10 AM