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garren33
New Member

I erroneously contributed to an IRA in 2018. I withdrew the funds in 2019 and received a 1099-R. Will I pay income tax on this in 2019? I plan to amend 2018 taxes.

 
2 Replies
ThomasM125
Employee Tax Expert

I erroneously contributed to an IRA in 2018. I withdrew the funds in 2019 and received a 1099-R. Will I pay income tax on this in 2019? I plan to amend 2018 taxes.

I think what you mean to say is that you made an excess contribution to your IRA in 2018. If so, then the excess would not be deductible in 2018, so you wouldn't have to pay tax on the withdrawal of the excess contribution, except for any interest that was earned on the account.

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macuser_22
Level 15

I erroneously contributed to an IRA in 2018. I withdrew the funds in 2019 and received a 1099-R. Will I pay income tax on this in 2019? I plan to amend 2018 taxes.

What code is on box 7 on the 1099-R?     That determines how to report it.

**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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