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natethebait6600
Returning Member

If I removed the excess contribution from prior years before filing my return can I enter $0 for "Your Excess Roth IRA Contributions for Prior Years?"

 
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4 Replies

If I removed the excess contribution from prior years before filing my return can I enter $0 for "Your Excess Roth IRA Contributions for Prior Years?"

If the excess was removed before Dec 31, 2020 then yes,  remove the excess.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
natethebait6600
Returning Member

If I removed the excess contribution from prior years before filing my return can I enter $0 for "Your Excess Roth IRA Contributions for Prior Years?"

Thanks for the reply @macuser_22  and, let me clarify the situation a little more. To start off, I'm asking this because when filing this year, TurboTax is informing me I may need to amend my 2019 return; I was thinking I'd start with this situation to see if this is where I messed up.

 

From January 2019-December 2019 I contributed $6,208. February 2020 I removed the $208 excess contributions. So when TurboTax asks me what my Roth IRA contributions were for 2019, would I enter the $6,208 since the excess wasn't removed until 02-2020? 

If I removed the excess contribution from prior years before filing my return can I enter $0 for "Your Excess Roth IRA Contributions for Prior Years?"

Did you receive a 2020 1099-R for the excess removal?    What code is in box 7 and what is in box 2a?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
natethebait6600
Returning Member

If I removed the excess contribution from prior years before filing my return can I enter $0 for "Your Excess Roth IRA Contributions for Prior Years?"

Yes, I received a 1099-R for 2020. 2a has 0.00 and box 7 has J & P.

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