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New Member
posted Mar 9, 2021 10:07:43 PM

Which IRA tax form is required for an improper Roth IRA contribution due to high Adjusted Growth Income?

Hello,

In early February 2020, I contributed $7000 to my Roth IRA. Within two weeks of making this contribution,  I realized that my Adjustable Gross Income (AGI) doesn't allow me to contribute to a Roth IRA. Accordingly, I withdrew these $7000 from the account. 

Two weeks ago, my broker sent me a 1099-R form which included a distribution of $7000 which took place in February 2020. 

What I would like to know is which form I need to complete to demonstrate to the IRS that the contribution was made in early February 2020 and then withdrawn before the end of February 2020 and is therefore a wash, in order to avoid having to pay additional taxes?

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1 Replies
Level 15
Mar 10, 2021 4:57:50 AM

the form you need to complete is 1099-R.

answer the follow-up questions.