topic Excess Roth IRA contribution in Retirement tax questions

Excess Roth IRA contribution

cywy — Fri, 07 May 2021 20:32:32 GMT

I contributed to my Roth IRA in 2019 before filing my 2019 return in 2020. The excess contribution was withdrawn in 2020 together with gains before I filed my 2019 returns, which showed zero contributions. I received a 1099-R for 2020 from Fidelity and included it in my 2020 tax returns. Do I still have to amend my 2019 tax returns?

Re: Excess Roth IRA contribution

macuser_22 — Fri, 07 May 2021 22:02:31 GMT

What code is in box 7 on the 1099-R?

Was it actually recorded as a 2019 contribution on a 5489 form from the account trustee?

Re: Excess Roth IRA contribution

cywy — Sat, 08 May 2021 00:02:07 GMT

Thanks for your reply. The code in Box 7 of 1099-R is PJ. Since I filed the 2019 returns AFTER withdrawing fully the contributions and gains, there are NO contributions on my 2019 returns.

Re: Excess Roth IRA contribution

macuser_22 — Sat, 08 May 2021 00:23:34 GMT

@cywy wrote:

Thanks for your reply. The code in Box 7 of 1099-R is PJ. Since I filed the 2019 returns AFTER withdrawing fully the contributions and gains, there are NO contributions on my 2019 returns.

You must amend 2019 and enter the PJ 1099-R since it is reportable in 2019, not 2020 (unless there was box 4 withholding, then it must also be entered in 2020 to get credit for the tax withheld).