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Level 2
posted Apr 16, 2023 6:34:18 PM

Amendment for Excess Roth Contributions

I'm doing my first income tax amendment for excess contribution. 


Here is my situation:

In 2021, my excess contribution was $4,992 to Roth IRA.
In 2021, I did not list this Roth contribution on 2021 taxes since I removed the full amount on 3/22/2022, prior to filing my taxes for 2021.

I received a 1099-R in 2022 for  $4,773.35.  I called the broker and they said they calculated the excess contribution lost a little money.

 

Do I need to amend my 2021 tax return and if so what steps do I need to follow in Turbo Tax for this type of excess contribution amendment?

 

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1 Best answer
Expert Alumni
Apr 17, 2023 6:10:30 AM

No, if you had a loss then you do not need to amend your 2021 tax return since you do not have a taxable event (your box 2a should be $0). All that TurboTax would do is add an explanation statement.

 

1 Replies
Expert Alumni
Apr 17, 2023 6:10:30 AM

No, if you had a loss then you do not need to amend your 2021 tax return since you do not have a taxable event (your box 2a should be $0). All that TurboTax would do is add an explanation statement.