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Excess IRA Contribution

Follow-up from previous question,

When I selected 2017 in TT for the 1099-R I received, did it add the earnings on the 1099-R to my 2017 1040 income? or, did it ignore it?

Also, I have tried to access the IRA process in TT. When I did it stated that my income was to high, and moved on to another module. How can I access that process to evaluate my 2017 IRA contributions?

Thanks

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Previous Question,

Excess IRA Contributions

In 2016 I had made excess contributions to my Roth IRA. I removed the excess from my account in 2017 with earnings and added the earnings to my 2016 taxes. When I filed my 2016 taxes, I followed Turbo Tax experts instructions of creating a 1099R with the earnings. I also added a note to my 2016 filing that it included these earnings.  In 2017, I received a 1099R for the earnings that I already included in my 2016 filing. Do I include those earnings again in the 1099R, or do I exclude them from my 2017 tax filing. How do I communicate with the IRS that these earnings have already been filed?

p.s. I submitted the penalty for early withdraw with my 2016 taxes too.

1 Best answer

Accepted Solutions
Highlighted
Employee Tax Expert

Excess IRA Contribution

No, it would not add the earnings to your 2017 return. If you had code P in Box 7. Again, you'll be prompted to  amend 2016, but you've already reported the earnings on your 2016 return

Because you  are using a desktop version of TurboTax, you can access the forms in your return, by clicking Forms in the upper right hand corner of your screen. You can see the IRA Contribution Worksheet that was used to compute your allowable IRA contributions.  See this link from the IRS https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...

If you are still experiencing difficulties, please comment back here with specific information about your income and contribution, and which type of IRA this is.

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1 Reply
Highlighted
Employee Tax Expert

Excess IRA Contribution

No, it would not add the earnings to your 2017 return. If you had code P in Box 7. Again, you'll be prompted to  amend 2016, but you've already reported the earnings on your 2016 return

Because you  are using a desktop version of TurboTax, you can access the forms in your return, by clicking Forms in the upper right hand corner of your screen. You can see the IRA Contribution Worksheet that was used to compute your allowable IRA contributions.  See this link from the IRS https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...

If you are still experiencing difficulties, please comment back here with specific information about your income and contribution, and which type of IRA this is.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"