How do I amend my 2017 return in TurboTax for a Roth IRA excess contribution? I have already filed my 2017 taxes. I will be getting a refund in 2018 for the excess.
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New Member

How do I amend my 2017 return in TurboTax for a Roth IRA excess contribution? I have already filed my 2017 taxes. I will be getting a refund in 2018 for the excess.

I mistakenly contributed $458 to a Roth IRA that did not qualify in 2017.  I am being refunded in 2018 for that amount plus a small amount of earnings ($18).  Since I have already filed my 2017 taxes, how can I amend my 2017 return in Turbo Tax to reflect that amount?  How will I report the refund on my 2018 return?

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Level 11

How do I amend my 2017 return in TurboTax for a Roth IRA excess contribution? I have already filed my 2017 taxes. I will be getting a refund in 2018 for the excess.

Wait until your 2017 return is processed before amending, and be sure to save a copy of your original filed return.

In 2018, you will receive a 1099-R with a code in Box 7 indicating a return of excess contribution, plus earnings.

You could wait for this before amending your 2017 return. 

You don't carry the excess forward into your 2018 return. 



Edited 3/10/18  1:37 PM 

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Level 15

How do I amend my 2017 return in TurboTax for a Roth IRA excess contribution? I have already filed my 2017 taxes. I will be getting a refund in 2018 for the excess.

There is no reason to amend now rather then wait for the 2018 1099-R to arrive, then amend.  Nothing is to be gained by amending now and if anything else is discovered that requires changing that would require amending the amended return.

The 1099-R should have a code JP in box 7, the returned excess amount in box 1 and the $18 earnings in box 2a which will be taxable income on line 15b on the 1040 form and also subject to a 10% ($1.80) early distribution penalty if you are under age 59 1/2 .   This goes on your amended 2017 tax return.  In the interview you select that it is a 2018 1099-R, not 2017.

And the 1099-R will be a 2018 1099-R received next January in 2019 (not 2018).  Nothing goes on your 2018 tax return.
**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.**
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Level 15

How do I amend my 2017 return in TurboTax for a Roth IRA excess contribution? I have already filed my 2017 taxes. I will be getting a refund in 2018 for the excess.

I agree with macuser_22.  Since you have already filed your 2017 tax return, I would wait until you receive the code JP 2018 Form 1099-R to amend your 2017 tax return and pay the tax on the $18 of earnings.  The IRS won't bill for any interest on the taxes resulting on the $18 of income; the interest will likely be less then 15 cents.

(The answer of mine referenced above applies to a different situation where the return of contribution had already been reported.  It's not relevant here.)
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