Roth 2019 withdraw excess contribution and earnings due to hight AGI. Fidelity will send me 1099R and earning report in 2021. how to i handle TT entry?

blee64 · ‎February 21, 2020

Roth 2019 withdraw excess contribution and earnings due to high AGI.

Withdrawal occurred in late Jan 2020, Fidelity will send me 1099R and earning report in early 2021 for tax year 2020.

I assume earnings will be reported in 2020 tax year.

how to i handle the excess contribution in TT entry for 2019?

Thanks for any assistance.

MarilynG1 · ‎February 21, 2020

If you know the amount of Earnings on your Excess Roth Contribution, you can follow the instructions in this link to handle the situation in your 2019 return (change years in answer).

If not, when you receive the 1099-R with Earnings, you will need to Amend your 2019 return.

This link gives more info on How to Enter Earnings on Excess IRA Contribution.

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View solution in original post

MarilynG1 · ‎February 21, 2020

If you know the amount of Earnings on your Excess Roth Contribution, you can follow the instructions in this link to handle the situation in your 2019 return (change years in answer).

If not, when you receive the 1099-R with Earnings, you will need to Amend your 2019 return.

This link gives more info on How to Enter Earnings on Excess IRA Contribution.

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

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Roth 2019 withdraw excess contribution and earnings due to hight AGI. Fidelity will send me 1099R and earning report in 2021. how to i handle TT entry?