Roth IRA

[vloyuk]

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

[SusanY1 · Accepted solution]

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.