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anovet
New Member

How to Amend Tax Return after excess Roth IRA contribution

I contributed to my Roth IRA account in 2018 and filed my taxes as such. Afterwards, I realized that I was ineligible to do so. I withdrew the contributions as well as their earnings. However, it now seems that I may have to file an amended tax return before October 15th, and I'm not sure what I need to do for that. Do I just file a 1040X that includes the earnings as 2018 income? If so, what sort of income is it and how do I determine the tax on it? Any advice you can offer would be much appreciated, thanks.

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4 Replies

How to Amend Tax Return after excess Roth IRA contribution

If you requested a "return of contribution" and the earnings, in 2019 then you will not receive the 1099-R reporting that until Jan. 2020.   Since you received the return before the extended due date (Oct 15, 2019) you met the requirement.   When you file the amended return (within 3 years from the original due date) is immaterial.     There is no reason to amend now making up a "dummy" 1099-R form prior to receiving the actual 2019 1099-R in Jan. of 2020.  (That 1099-R should have a code "JP" in box 7, the returned contribution in box 1 and the taxable earnings in box 2a.)

 

When you amend 2018 and enter the 1099-R with the code JP, then TurboTax will enter the box 2a amount as taxable income - the return of yiur own contribution is not taxable.

**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.**
anovet
New Member

How to Amend Tax Return after excess Roth IRA contribution

Perfect, that all makes sense, thank you!

caroladkr
Returning Member

How to Amend Tax Return after excess Roth IRA contribution

I followed your instruction on how to amend my 2018 tax return how ever it increased tax due by $ 1,232 for an excess taxable amount of $ 606.78. The additional tax +penalty should have been no more than $ 128 if that.

 

What I did was open my 2018 turbo tax return added return of my already taxed amount of $ 13,607 in box 1 and 606.78 in 2a (Both me and spouse). The $ 13,607 was gross distribution and the gain was $606.78.

 

It may be due to the 1099-R issued for 2019 with the codes of J,P. The over contribution and the gain was returned in 2019. 

What do I need to do? Buy a new Turbo tax disk or make the changes in ink on the orginal 2018 return.  have included the 2019 1099-R on my 2019 return.

ThomasM125
Employee Tax Expert

How to Amend Tax Return after excess Roth IRA contribution

I did what you said in my program and only the $607 showed up as taxable. I suggest you delete the entry and try it again. Pay special attention to the instructions to make sure you enter everything correctly.

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