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cr2022
Returning Member

I contributed over 6,000 in ira in 2019

I didn't do anything in 2020, what should I do now?

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3 Replies
AamilD
Expert Alumni

I contributed over 6,000 in ira in 2019

To clarify do you mean you did not contribute anything in 2021? If you did not contribute anything then you don't need to report any contributions since there is nothing to report. 

 

However, if you did any withdrawals, you would have received Form 1099-R which you will have to report.

cr2022
Returning Member

I contributed over 6,000 in ira in 2019

To clarify I contributed over 6,000$ is 2019 (6,500$), and then 6,000$ in 2020 & 6,000$ in 2021.

 

Because I contributed over the limit in 2019 what actions do I need to do now?

DavidD66
Employee Tax Expert

I contributed over 6,000 in ira in 2019

Please clarify your situation. How you handle an excess contribution depends on whether it was a Roth IRA or a Traditional IRA, and if the later, whether or not you deducted the excess contribution on your 2019 tax return. 

 

FYI: The penalty if you do not remove an excess IRA contribution by the filing deadline a 6% excise tax for every year the excess remains in the account.

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