I contributed more than allowed to my Roth IRA on fidelity. Now the money is out of that account,. What do I need to file on my taxes to make sure I don't have problems?

wurmanalan · ‎March 25, 2021

MinhT1 · ‎March 25, 2021

If you withdrew your 2020 excess contribution to your Roth IRA before the due date of the 2020 tax return, make sure that you also withdraw the related earnings.

On your 2020 tax return, do not report the excess contribution as it has been withdrawn. The earnings have to reported and taxed. These earnings are also subject to 10% early withdrawal penalty.

When you receive the 2021 form 1099-R (in 2022) for this withdrawl, there is no further action needed.

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I contributed more than allowed to my Roth IRA on fidelity. Now the money is out of that account,. What do I need to file on my taxes to make sure I don't have problems?