Does Excess Roth Contribution in Previous Year Require Amended Tax Form

Forum|Forum|7 years ago
June 5, 2019
1 reply
12 views

Hello,

In 2015, I made an excess contribution in my Roth of $150. I found this out in March of 2016 and the brokerage firm returned me $94.17 since I also had a loss. When I did my taxes for the 2015 tax return, I entered a 2016 1099-R. When doing my 2016 taxes, I do see my 1099-R listed and was imported from my brokerage firm. Do I need to amend my 2015 tax forms or am I fine with how it is currently presented?

Thanks

TurboTax Premier Online

MinhT1

Alumni - Intuit

If you withdrew your excess contribution together with its gain/loss before April 15, 2016, you should have received a form 1099-R with code P in box 7.

You do not need to enter this form 1099-R on your 2016 tax return as code P indicates a previous year.

As you had a loss on that excess contribution, you do not need to amend your 2015 tax return as there is no income on that excess contribution to report. Your loss is not deductible as you still have balances in your Roth IRA.

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