https://ttlc.intuit.com/community/retirement/discussion/re-roth-ira/01/1101966#M85386 <P><STRONG>Yes</STRONG>, since he contributed in 2020, he can reallocate the contribution so that $3,300 is for 2019, and $2,700 is for 2020.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If he earns more than $2,700 in 2020, then he can, of course, contribute more to the Roth for the 2020 tax year.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>To reallocate the contribution, he should contact the financial institution that manages his account before April 15, 2020.&nbsp;</P> <P>&nbsp;</P> <P>In TurboTax, he should indicate that he made a Roth contribution of <STRONG>$3,300 for 2019</STRONG>.</P> Thu, 06 Feb 2020 23:43:08 GMT SusanY1 2020-02-06T23:43:08Z https://ttlc.intuit.com/community/retirement/discussion/roth-ira/01/1101808#M85381 <P>My 19 y.o. son opened Roth IRA account in January 2020 and contributed $6000 to 2019. But he only made $3300 in income last year. Is it possible to reallocate some of 6000 to year 2020? Thank you</P> Thu, 06 Feb 2020 23:24:28 GMT https://ttlc.intuit.com/community/retirement/discussion/roth-ira/01/1101808#M85381 vloyuk 2020-02-06T23:24:28Z https://ttlc.intuit.com/community/retirement/discussion/re-roth-ira/01/1101966#M85386 <P><STRONG>Yes</STRONG>, since he contributed in 2020, he can reallocate the contribution so that $3,300 is for 2019, and $2,700 is for 2020.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If he earns more than $2,700 in 2020, then he can, of course, contribute more to the Roth for the 2020 tax year.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>To reallocate the contribution, he should contact the financial institution that manages his account before April 15, 2020.&nbsp;</P> <P>&nbsp;</P> <P>In TurboTax, he should indicate that he made a Roth contribution of <STRONG>$3,300 for 2019</STRONG>.</P> Thu, 06 Feb 2020 23:43:08 GMT https://ttlc.intuit.com/community/retirement/discussion/re-roth-ira/01/1101966#M85386 SusanY1 2020-02-06T23:43:08Z