topic Time limit for amending prior year excess withdrawal in Retirement tax questions

Time limit for amending prior year excess withdrawal

fkane — Mon, 10 Aug 2020 15:46:14 GMT

Hello. Hoping someone can help me with this question. I just withdrew a prior year excess contribution (for tax year 2019) and had already filed my taxes back in March. My understanding is I had until October to do this. The IRA custodian said I will get a 1099-R in February with a code JP (indicating it’s a prior year excess contribution withdrawal). My question is, do I have to amend my taxes now to include the earnings or can I wait until I receive the 1099-R (which I would prefer to do) so I can be sure of the number that shows up as earnings under box 2a. Would appreciate any guidance.

Re: Time limit for amending prior year excess withdrawal

Critter-3 — Mon, 10 Aug 2020 16:35:54 GMT

You will wait for the 1099-R form in the mail next January.

Re: Time limit for amending prior year excess withdrawal

Opus 17 — Mon, 10 Aug 2020 20:31:55 GMT

Are you sure about that? This article says something different. although the rules might be different after the SECURE act or during the COVID pandemic.

https://www.hrblock.com/tax-center/income/retirement-income/excess-ira-contributions/

In particular, the excess must be withdrawn before the "extended deadline". The extended deadline is October 15, but only if an extension application was filed before July 15. Or is the extended deadline always October, even if the taxpayer filed in March and did the withdrawal in August? @dmertz can you help?

Re: Time limit for amending prior year excess withdrawal

dmertz — Tue, 11 Aug 2020 13:15:07 GMT

Filing the tax return by the regular due date also extends to October 15 the deadline for obtaining a return of contribution. No problem here.

On the mailed amendment, indicate "Filed pursuant to section 301.9100-2."