Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 1, 2019 11:32:14 AM

If I overcontributed to my Roth last year, but withdrew it before filing, the entire amount is listed as retirement income this year?

0 2 764
2 Replies
Level 15
Jun 1, 2019 11:32:16 AM

Did you get a 1099-R?  What code is in box 7?
What is in box 2a?

New Member
Jun 1, 2019 11:32:18 AM

Hi Jaynishimura!

According to https://www.irs.gov/publications/p590a:

"For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed." 

Based on this language, it's likely you do not have to report it as retirement income (a distribution) unless it earned interest. It's like it never happened and the tax treatment would be handled based on the original source of the funds.

Hope this helps!