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?
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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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.
(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.)