2020 excess roth IRA contribution removed in 2020

Forum|Forum|5 years ago
March 7, 2021
5 replies
20 views

Jan 2020 I put in the max amount ($6000) into my Roth IRA. I got married in 2020 and our combined salary was over the limit to contribute to a Roth IRA. I withdrew the $6000 plus the earnings I made in November 2020. I received a 1099-R from my investment firm.

While filing my taxes, and it asks me how much I contributed in 2020 to Roth IRA, do I say $6000, or do I say $0 since I removed the entire amount? I'm also populating all the data of the 1099-R.

macuser_22

Alumni - Champ

What code is in box 7?

What is in box 2a?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Jason03Author

Level 2

box 7: 8J

2a: 1,500

macuser_22

Alumni - Champ

OK, Just enter the 1099-R. The box 2a is the earnings that will be taxable. Say that you contributed zero since it was removed.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**