Roth IRA Value if contribution happened after taxyear

[MrTani]

Hi all,

I need to amend my TY 2020 1040 to adjust for Roth IRA over-contribution. 

I am stuck at the page 'Tell Us The Value of your Roth IRA'. It tells me to enter the value of my Roth IRAs on December 31, 2020 and I should include any contributions made after December 31, 2020 that were designated for 2020. 

I did contribute $6,000 in March 2021 for TY2020. So, what value should I add here? A) The value of my Roth IRA on 12/31/2020 (excluding the contribution which happened in 2021 for TY2020) or B) the Roth IRA Value + $6,000 contribution which happened in 2021 for TY2020?

[MaryK4 · Accepted solution]

The Roth IRA Value + $6,000 contribution which happened in 2021 for TY2020.  When you make a contribution in the following year, you treat it "as if" you made it in the year you are designating the contribution to.

[MrTani]

Thank you!

[fanfare]

if you have a Roth Excess, TurboTax is going to ask for that information because it is used on Form 5329 .

@MrTani