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New Member
posted Feb 24, 2020 3:51:25 PM

Withdrew IRA contribution prior to filing. did not take deduction for withdrawn amt. showing up as distribution following year and taxed again. How do i avoid double tax?

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2 Replies
Expert Alumni
Feb 24, 2020 4:23:30 PM

You should amend your 2018 tax return to add the deduction of the amount withdrawn.

 

Please follow the instructions in this TurboTax Help topic to amend your 2018 tax return.

 

For 2019, you have to report the form 1099-R.

Level 15
Feb 24, 2020 6:21:01 PM

you probably did not give the custodian the correct form to remove an excess contribution.

If you did, the 1099-R would show only a small taxable amount for the earnings,

if any, while your funds were in the IRA.