Excess Roth IRA Contributions - How to Report in 2018 taxes

Forum|Forum|7 years ago
June 4, 2019
1 reply
15 views

Many responses to this same issue but I don't think any of them apply to me.

1) 2017, overcontributed to my Roth IRA.

2) February 2018 - Withdrew excess contributions and earnings, prior to filing 2017 taxes.

3) Filed 2017 taxes without including excess contributions or earnings (I entered only the maximum amount I was actually able to contribute, not the excess)

4) Received a (2018) 1099-R - Distribution of excess contributions and earnings. No taxes withheld.

Can somebody explain how I treat this in my 2018 taxes. Do I have to amend my 2017 taxes?

ItsDeductible Online

DanaB27

Employee Tax Expert

Yes, if your 1099-R has the code P in box 7 then you will have to amend your 2017 tax return and include the 1099-R in on you 2017 return. And it will not have to be included on your 2018 tax return.

https://ttlc.intuit.com/replies/6603004

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