Excess Roth IRA contribution

Forum|Forum|5 years ago
May 7, 2021
1 reply
1 view

I contributed to my Roth IRA in 2019 before filing my 2019 return in 2020. The excess contribution was withdrawn in 2020 together with gains before I filed my 2019 returns, which showed zero contributions. I received a 1099-R for 2020 from Fidelity and included it in my 2020 tax returns. Do I still have to amend my 2019 tax returns?

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macuser_22

Alumni - Champ

What code is in box 7 on the 1099-R?

Was it actually recorded as a 2019 contribution on a 5489 form from the account trustee?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

cywyAuthor

Level 2

Thanks for your reply. The code in Box 7 of 1099-R is PJ. Since I filed the 2019 returns AFTER withdrawing fully the contributions and gains, there are NO contributions on my 2019 returns.

macuser_22

Alumni - Champ

@cywy wrote:

Thanks for your reply. The code in Box 7 of 1099-R is PJ. Since I filed the 2019 returns AFTER withdrawing fully the contributions and gains, there are NO contributions on my 2019 returns.

You must amend 2019 and enter the PJ 1099-R since it is reportable in 2019, not 2020 (unless there was box 4 withholding, then it must also be entered in 2020 to get credit for the tax withheld).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**