Do I need to amend my 2015 taxes for an excess contribution to a Roth IRA for which I received a 1099-R in 2016?

[taxsos-]

I over contributed to my Roth IRA by $678.71 for tax year 2015 (contribution was made in March of 2016).  I made the total contribution on March 8, 2016 then quickly discovered the over contribution and had the excess removed on March 11, 2016.  This year I received the 1099-R (year 2016) with Box 1: $678.71 and 2a: $0.00 and Box 7: P, J.  When I put this into TurboTax this year it said I may have to amend my 2015 taxes.  I just want to confirm this and see how to do that.

[kyl]

i have same problem in 2018 tax return .   I found out excess Roth 2017 contribution $200 , corrected in Feb 2018, received $190 check in March 2018,     then in 2019  received  a  form for  2018 1099-R code P and J . I understood there are no taxable amount involved . but not clear on DO I NEED TO FILE AMENDED RETURN ?

[DDollar · Accepted solution]

No, you don't need to file an amended return. For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The earnings are considered earned and received in the year the excess contribution was made.

Since you had no earnings on your contribution, there is nothing to report, and you   If there had been earnings on your contribution you did not withdraw, and you timely filed your 2015 tax return without withdrawing both the contribution and the earnings that you made in 2016, you had to have the contribution returned to you within 6 months of the due date of your 2015 tax return, excluding extensions.  In that case, (or if this were a 2016 issue)you would file an amended return with “Filed pursuant to section 301.9100-2” written at the top. Report any related earnings on the amended return and include an explanation of the withdrawal. Make any other necessary changes on the amended return.

[taxsos-]

Thank you! I appreciate your prompt reply!  I'm also relieved!

[DDollar]

I'm glad I could help.  Thanks for using TurboTax!

[sherrylockegehan]

Received a 2018 1099-R.  I had contributed too much to my 2017 IRA and removed the excess contribution and earnings in March 2018, prior to filing my 2017 taxes.  I'm trying to amend my 2017 return in TurboTax to report the earnings.  Cannot figure out where to do that in TurboTax?