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Level 1
posted Jan 26, 2022 9:35:54 AM

Excess Roth Contribution

In 2020 I made too much of a contribution to a Roth account by $1239.  In March of 2021 I withdrew the $1239 and $300.98 earnings on the $1239.  In January of 2022 I received a 1099-R for the $1239 + $300.98.  Do I need to amend my 2020 tax filling?  Or is the excess contribution just accounted for on my 2021 taxes by using the 1099-R?

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1 Replies
Employee Tax Expert
Jan 26, 2022 9:44:41 AM

Yes, you will need to amend your 2020 tax return to report the 2020 excess contribution plus earnings removed in 2021. You do not need to enter the 1099-R on your 2021 tax return.

 

The IRS states:

 

How to treat withdrawn interest or other income.

 

You must include in your gross income the interest or other income that was earned on the excess contribution. Report it on your return for the year in which the excess contribution was made.