2019 Roth IR excess contribution

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!

1238

1 Best answer

Expert Alumni

Apr 14, 2020 12:29:26 PM

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.

Expert Alumni

Apr 14, 2020 11:17:36 AM

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.

Not applicable

Apr 14, 2020 12:21:59 PM

@MarilynG1 I have not yet withdrawn the amount.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?

Expert Alumni

Apr 14, 2020 12:29:26 PM

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.

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2019 Roth IR excess contribution