topic Excess roth ira contribution and earnings withdrawal before tax due date. The excess for 2018 but happened March 2109. How and where do I report this on my 2018 taxes? in Retirement tax questions

Excess roth ira contribution and earnings withdrawal before tax due date. The excess for 2018 but happened March 2109. How and where do I report this on my 2018 taxes?

b-lmiller — Tue, 04 Jun 2019 19:47:05 GMT

I contributed $6500 to Roth IRA in May of 2018. In March 2019 I had to withdraw $3300 as an excess contribution for 2018 along with $61 for the interest earned on the $3300. How do I report the interest and the 10% penalty for early withdrawl as the Roth IRA was only 2 years old.

I have a similar situation where I made $600 excess contr...

cjya8tt — Tue, 04 Jun 2019 19:47:05 GMT

I have a similar situation where I made $600 excess contribution in 2017 but withdrew in 2018 prior to tax filing deadline. I called Vanguard to withdraw the $600, they sent me a check of $672.36 where $64.40 was attributable earnings, $7.24 was federal withholding, $0.72 was state withholding. I reported $672.36 in 2017 TT under IRA section. Then in 2019, I amended my 2017 return to include the 2018 1099-R.