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Anonymous
April 14, 2020
Solved

2019 Roth IR excess contribution

  • April 14, 2020
  • 3 replies
  • 23 views

Hi!

 

I have contributed $1500 to my Roth IRA account in 2019. I realized now I am not eligible.

If I withdraw the $1500 and earnings from my Roth IRA account today, I presume I would get a 2020 1099-R.

 

So should I report anything in my 2019 taxes?

if the 1099-R is for 2020, would everything be reported in 2020 taxes?

 

Thank you!

Best answer by MarilynG

Use the info I posted earlier to enter the 'Substitute 1099-R' in your 2019 return.

 

Otherwise, when you receive the 2020 1099-R, you will need to go back and Amend your 2019 Return. 

 

 

3 replies

MarilynG
MarilynG
Level 15
April 14, 2020

If you withdraw the excess contribution in 2019 and you have not yet filed your tax return, you can report the withdrawal so you are not charged the 6% penalty for 2019.  

 

To report the withdrawal you create a substitute 1099-R. 

 

Click this link for detailed instructions on How to Remove Excess Roth Contribution. 

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A
Anonymous
April 14, 2020

@MarilynG I have not yet withdrawn the amount. I just realized the error. I will withdraw now. Haven't yet filed the 2019 taxes.

 

So I presume I would get a 2020 1099-R.

 

So should I report anything in my 2019 taxes?

if the 1099-R is for 2020, would everything be reported in 2020 taxes?

MarilynG
MarilynGAnswer
Level 15
April 14, 2020

Use the info I posted earlier to enter the 'Substitute 1099-R' in your 2019 return.

 

Otherwise, when you receive the 2020 1099-R, you will need to go back and Amend your 2019 Return. 

 

 

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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