2020 Excess Roth Contribution

finnbar3 — Mon, 09 Mar 2026 04:37:11 GMT

In 2020 I contributed to an after tax ROTH IRA. In 2021, I realized that due to contribution limits I was not eligible to contribute. I then withdrew all of the 2020 contributions and gains. The broker sent me a 2021 1099-R. The question is, Do I report the 1099-R on my 2020 taxes (filing an amended return)? Or do I report it on my 2021 taxes? Or both?

Re: 2020 Excess Roth Contribution

Mike9241 — Mon, 28 Feb 2022 21:59:23 GMT

what year did you actually make the contribution and what are the codes in box 7.

Re: 2020 Excess Roth Contribution

DanaB27 — Mon, 28 Feb 2022 22:08:25 GMT

Yes, you will have to amend your 2020 tax return to report the withdrawal of excess contribution plus earnings when you have a Form 1099-R with codes P and J. Only the earnings will be taxable. If you are under 59 1/2 you will have to pay the 10% early withdrawal penalty on the earnings. Please see How do I amend my 2020 return?

On you 2020 tax return:

Login to your TurboTax Account
Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter your 1099-R information
Click "Continue"
On the "Which year on Form 1099-R" screen say that this is a 2021 1099-R.
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount under "Another reason" if you are over 59 1/2 (if you under 59 1/2 click "Continue")

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2019" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2020.

If you had any tax withholdings in box 4 and box 14 then you must enter the 2021 1099-R into the 2021 tax return since the withholding is reported in the year that the tax was withheld. The 2021 code P will not do anything in 2022 tax return but the withholding will be applied to 2021.

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2020 Excess Roth Contribution

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