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New Member
posted Jun 5, 2019 11:13:57 PM

How can I report/correct a 2016 Roth IRA contribution removed in error?

Calculated my maximum 2016 Roth IRA contribution would be 3500.00. Removed 1506.09 (1450.00 excess contribution, 56.09 earnings) in early 2017. Now I've discovered my maximum 2016 Roth IRA contribution will be 5500.00. Haven't filed my 2016 taxes. What should I do on my 2016 return to report this situation and avoid the need for an amended return when I receive my 1099-R in early 2018?

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1 Replies
New Member
Jun 5, 2019 11:13:57 PM

You don't have to do anything to your 2016 return.

You can still make a ROTH contribution until April 18, 2017 for 2016. 

The 1099-R you will receive in 2018 for the 2017 tax year will only tax you on the $56.09 earnings that you received in 2017. I don't believe there is any way around that.

You will not have to amend 2016 since you received the money in 2017.