topic I contributed over 6,000 in ira in 2019 in Get your taxes done using TurboTax

I contributed over 6,000 in ira in 2019

cr2022 — Mon, 09 Mar 2026 08:35:16 GMT

I didn't do anything in 2020, what should I do now?

Re: I contributed over 6,000 in ira in 2019

AamilD — Wed, 09 Mar 2022 20:31:58 GMT

To clarify do you mean you did not contribute anything in 2021? If you did not contribute anything then you don't need to report any contributions since there is nothing to report.

However, if you did any withdrawals, you would have received Form 1099-R which you will have to report.

Re: I contributed over 6,000 in ira in 2019

cr2022 — Wed, 09 Mar 2022 20:35:05 GMT

To clarify I contributed over 6,000$ is 2019 (6,500$), and then 6,000$ in 2020 & 6,000$ in 2021.

Because I contributed over the limit in 2019 what actions do I need to do now?

Re: I contributed over 6,000 in ira in 2019

DavidD66 — Wed, 09 Mar 2022 20:53:51 GMT

Please clarify your situation. How you handle an excess contribution depends on whether it was a Roth IRA or a Traditional IRA, and if the later, whether or not you deducted the excess contribution on your 2019 tax return.

FYI: The penalty if you do not remove an excess IRA contribution by the filing deadline a 6% excise tax for every year the excess remains in the account.