You'll need to sign in or create an account to connect with an expert.
The earnings on the excess contribution made in 2018 but withdrawn in 2019 are reportable as income in the year you made the excess contribution, i.e., 2018.
Because you made the withdrawal of the excess contribution before the due date of your 2018 tax return, you will not be subject to the 6% tax on excess contributions.
As long as you did not deduct the excess withdrawal in 2018, you do not have to report the excess withdrawal amount in your income.
Click here for the section of IRS Publication 590A pertaining to excess contributions and the associated earnings.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mbdowty
Level 1
PAccisano
Level 1
mpiseter
New Member
David267
New Member
dperrett1
New Member
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.