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Returning Member
posted Mar 15, 2021 2:20:53 PM

I made an excess 2019 Roth IRA contribution. I withdrew the contribution plus the income in Jan, 2020. Do I need to amend my 2019 return and pay the 6% penalty?

The contributions were $7000 each for me and my spouse. I realized while filing in 2019 that my income was too high to make any contribution in 2019 so I withdrew them both (and their gain) in January of 2020.  The $840 penalty was included in my 2019 return.  But when I answer the excess Roth IRA questions for previous years in the 2020 return, Turbo Tax tells me to amend the 2019 return, which tells me I owe the 6% penalty again.  Doesn't seem right!  Am I supposed to answer "Zero" to the excess contribution questions this year since I handled it last year?

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2 Replies
Level 15
Mar 15, 2021 2:31:35 PM

You should have received a 1099-R for the return of contributors.  What code is in box 7?

Returning Member
Mar 15, 2021 2:41:29 PM

P and J.  I just amended my question to clarify my problem.