Hi!
I have contributed $1500 to my Roth IRA account in 2019. I realized now I am not eligible.
If I withdraw the $1500 and earnings from my Roth IRA account today, I presume I would get a 2020 1099-R.
So should I report anything in my 2019 taxes?
if the 1099-R is for 2020, would everything be reported in 2020 taxes?
Thank you!
You'll need to sign in or create an account to connect with an expert.
Use the info I posted earlier to enter the 'Substitute 1099-R' in your 2019 return.
Otherwise, when you receive the 2020 1099-R, you will need to go back and Amend your 2019 Return.
If you withdraw the excess contribution in 2019 and you have not yet filed your tax return, you can report the withdrawal so you are not charged the 6% penalty for 2019.
To report the withdrawal you create a substitute 1099-R.
Click this link for detailed instructions on How to Remove Excess Roth Contribution.
@MarilynG1 I have not yet withdrawn the amount. I just realized the error. I will withdraw now. Haven't yet filed the 2019 taxes.
So I presume I would get a 2020 1099-R.
So should I report anything in my 2019 taxes?
if the 1099-R is for 2020, would everything be reported in 2020 taxes?
Use the info I posted earlier to enter the 'Substitute 1099-R' in your 2019 return.
Otherwise, when you receive the 2020 1099-R, you will need to go back and Amend your 2019 Return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Nick2024
New Member
Vladimir101
Level 2
SoCalRetiree
Level 1
ayubruin7777
Level 1
Andy_W
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.