Question

Excess contribution Roth IRA headache

Forum|Forum|6 years ago
February 11, 2020
1 reply
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Hi,

I was looking at my Roth IRA contributions and I realized I made an excess contribution of $50 on April 2019 that I deemed for the year 2018. I now just realized my income was over the limit for that Roth IRA contribution. (My income was over the limit for 2019 as well.)
I understand I probably have to withdraw that $50 and any earnings. Which tax year do I have to amend?!? Where do I start?

Will the IRS even care about $50 excess?

Not A Product Question

K

KarenM90

I recommend that you first contact your IRA Administrator and let them know, they may recommend you do a Backdoor Roth for the 2019 contribution.

There is a 6% penalty on excess contributions that continues to accrue until the situation is remedied, so I would recommend amending your 2018 tax return.

It doesn't cost anything to Amend, other than your time, here is a link with more information: How do I amend my prior year tax return?

Here is some more information regarding a Backdoor Roth and how to enter it in TurboTax if you decide to go that route: Backdoor Roth IRA

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