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Level 2
posted Apr 4, 2020 8:57:14 AM

I made excess IRA contribution for 2019 but have already withdrawn all of it before April 2020. Can I file 2019 return by July 15, 2020 without paying 6% penalties?

Will I be subject to 6% penalties if I file 2019 return after April 15, 2020 but before July 15, 2020, even if I already withdrew all of the excess IRA contribution before April 2020?

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1 Replies
Level 15
Apr 4, 2020 9:22:19 AM

@greenjeehan wrote:
Will I be subject to 6% penalties if I file 2019 return after April 15, 2020 but before July 15, 2020, even if I already withdrew all of the excess IRA contribution before April 2020?

No.  But if you entered it in the IRA contribution interview - remove it.  (Because the 2019 filing date has been changed to July 15, so is the date to remove by.)