topic How to report an excess 2019 Roth IRA contribution? in Retirement tax questions

How to report an excess 2019 Roth IRA contribution?

bdonovan1 — Fri, 10 Jul 2020 17:43:29 GMT

I accidentally contributed an excess $3220 to my Roth IRA for Tax Year 2019. Luckily, I caught this error and have since removed these excess contributions and changed them to be contributions for Tax Year 2020.

How would I report this in TurboTax? Would I report this $3220 excess contribution to my Roth IRA for Tax Year 2019 and then say that I removed it when prompted or could I just say I contributed $0 to my Roth IRA for Tax Year 2019 since it has been removed before the tax deadline?

Thanks!

Re: How to report an excess 2019 Roth IRA contribution?

macuser_22 — Fri, 10 Jul 2020 18:31:37 GMT

Removing it is the same as never doing it in the first place. Do not enter anything for 2019.

Re: How to report an excess 2019 Roth IRA contribution?

bdonovan1 — Fri, 10 Jul 2020 19:15:43 GMT

Great. Thanks!