Roth IRA

Forum|Forum|6 years ago
February 6, 2020
1 reply
6 views

My 19 y.o. son opened Roth IRA account in January 2020 and contributed $6000 to 2019. But he only made $3300 in income last year. Is it possible to reallocate some of 6000 to year 2020? Thank you

Best answer by SusanY1

Yes, since he contributed in 2020, he can reallocate the contribution so that $3,300 is for 2019, and $2,700 is for 2020.

If he earns more than $2,700 in 2020, then he can, of course, contribute more to the Roth for the 2020 tax year.

To reallocate the contribution, he should contact the financial institution that manages his account before April 15, 2020.

In TurboTax, he should indicate that he made a Roth contribution of $3,300 for 2019.

SusanY1Answer

Level 15

Yes, since he contributed in 2020, he can reallocate the contribution so that $3,300 is for 2019, and $2,700 is for 2020.

If he earns more than $2,700 in 2020, then he can, of course, contribute more to the Roth for the 2020 tax year.

To reallocate the contribution, he should contact the financial institution that manages his account before April 15, 2020.

In TurboTax, he should indicate that he made a Roth contribution of $3,300 for 2019.

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

Roth IRA

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded