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Amending tax return for excess Roth IRA 2019

Forum|Forum|5 years ago
April 7, 2021
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Hi,

I made excess contribution into Roth IRA in 2019, and withdrew all pertaining contributions and capital gains in 2020 after I fount it out, I paid 6% penalty in 2019 tax return, however, I didn't pay regular income tax and extra 10% early withdraw tax for the capital gain because my broker said they can only send 1099R form for 2020 in 2021, now I got the form 1099R of 2020, how can I make amended tax return for 2019? In 2019 turbo tax software (premier), I couldn't enter 1099R form information since current form title is 2020, so which part of income section (amended 2019 tax return) I should use to enter capital gain in my current form 1099R 2020? will it calculate extra 10% income tax automatically?

Thanks,

Tax Advice

Best answer by DanaB27

Please follow these steps to enter your 1099-R on your 2019 amended return:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R information
Click "Continue"
On the "Which year on Form 1099-R" screen say that this is a 2020 1099-R.

TurboTax will know that the form 1099-R belongs on the 2019 return because of the code P and selecting 2020 on the "Which year on Form 1099-R" screen.

Yes, TurboTax will automatically calculate the 10% penalty.

D

DanaB27Answer

Please follow these steps to enter your 1099-R on your 2019 amended return:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R information
Click "Continue"
On the "Which year on Form 1099-R" screen say that this is a 2020 1099-R.

TurboTax will know that the form 1099-R belongs on the 2019 return because of the code P and selecting 2020 on the "Which year on Form 1099-R" screen.

Yes, TurboTax will automatically calculate the 10% penalty.

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W

wqzqr2000Author

Thank you very much for your quick reply.

Turbo Tax 2019 didn't ask me the year of 1099R, and the code P inside of 2019 turbo tax is "Return of contribution taxable in 2018",therefore, I selected code 8-"Return of contribution taxable in 2019", is that ok? And should I mail the form 1099R 2019 to IRS with the amended tax return? I didn't find it in final report (only found form 5329).

Thanks again.

D

DanaB27

You will select code P and after entering all 1099-R click continue, then continue until the "Which year on Form 1099-R" screen comes up and say that this is a 2020 1099-R.

Yes, you will include the 1099-R with your amended return when you mail it to the IRS.

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