cancel
Showing results for 
Search instead for 
Did you mean: 
MDF
Level 5

In 2018, I made excess Roth contributions. I got all the contributions back in 2019 by deadline. I had a loss. How do I enter it in 2018 return? I do not have 1099- r yet.

 
1 Reply
Highlighted
Level 20

In 2018, I made excess Roth contributions. I got all the contributions back in 2019 by deadline. I had a loss. How do I enter it in 2018 return? I do not have 1099- r yet.

In the Traditional and Roth IRA contributions section, indicate that you have a Roth IRA and enter the Roth IRA contribution that you originally made.  Continue and when TurboTax indicates that it's an excess contribution, enter as the amount returned the same amount that you entered as your contribution.  TurboTax will then prompt you to enter an explanation of the return of contribution in which you'll indicate the amount contributed, the amount returned (the same as the amount contributed) and the loss-adjusted amount distributed.  Since the amount distributed was less than the amount returned, there is no need to enter any code JP 2019 Form 1099-R since there is no taxable gain.  The explanation statement takes the place of the Form 1099-R in this case.

 

When you receive the code JP 2019 Form 1099-R in early 2020 you can ignore it and not enter it into 2019 TurboTax unless it shows tax withholding in box 2.  If you do enter this Form 1099-R into 2019 TurboTax, TurboTax will remind you that the recharacterization was reportable with your 2018 tax return, which you already will have done with the explanation statement.