Reporting Excess contribution Roth IRA

mouryav2 — Mon, 09 Mar 2026 10:35:12 GMT

So in March 2021, I opened a Roth IRA and made prior year contribution as well as current year (2020 and 2021) at that time. Didn't know about income limits and about a week later, I withdrew part of the prior year (2020) contribution and part of current year (2021) contribution, so it falls within the income limits.

While filing taxes in April 2021, I was told I could report the withdrawal amount (or distribution) for the prior year 2020. So, I did, using codes P and J in a 1099-R that I manually entered.

However, my broker fidelity issued me 1099-R for 2021 for both the withdrawls which has the total amount withdrawn for 2020+2021. The codes are 8 and J.

How do I properly correct this amount to only reflect 2021, as I've already reported the withdrawal for 2020 last year? Should I just report the total amount as is and IRS will "figure it out"?

Should I manually change the amount to only reflect the 2021 withdrawal amount and use code 8 and J? Please help!

Re: Reporting Excess contribution Roth IRA

DanaB27 — Sat, 16 Apr 2022 12:31:19 GMT

You should contact your financial institution since they issued you the wrong Form 1099-R. A contribution made in 2021 for 2020 is deemed to be made on the last day of 2020. Therefore, the earnings on the excess contribution for 2020 have to be reported in 2020. You should have gotten two Form 1099-Rs one for the excess contribution for 2020 with codes P and J and one for the excess contribution for 2021 with codes 8 and J.

Please see How do I file an IRS extension (Form 4868) if needed.

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Reporting Excess contribution Roth IRA

Re: Reporting Excess contribution Roth IRA