Excess roth ira contribution and earnings withdrawal before tax due date. The excess for 2018 but happened March 2109. How and where do I report this on my 2018 taxes?

I contributed $6500 to Roth IRA in May of 2018. In March 2019 I had to withdraw $3300 as an excess contribution for 2018 along with $61 for the interest earned on the $3300. How do I report the interest and the 10% penalty for early withdrawl as the Roth IRA was only 2 years old.

1130

New Member

Jun 4, 2019 12:47:05 PM

I have a similar situation where I made $600 excess contribution in 2017 but withdrew in 2018 prior to tax filing deadline. I called Vanguard to withdraw the $600, they sent me a check of $672.36 where $64.40 was attributable earnings, $7.24 was federal withholding, $0.72 was state withholding. I reported $672.36 in 2017 TT under IRA section. Then in 2019, I amended my 2017 return to include the 2018 1099-R.

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Excess roth ira contribution and earnings withdrawal before tax due date. The excess for 2018 but happened March 2109. How and where do I report this on my 2018 taxes?