Question

overcontributed to Roth IRA in 2022

Forum|Forum|3 years ago
February 27, 2023
1 reply
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I overcontributed to my Roth IRA($6000) due to income limits in 2022. I am assuming I should withdraw the full $6,000 as my Roth IRA overall went down in value. However, since I am doing the withdrawal now I don't believe I'll get the 1099-R from my provider in time before the April deadline. My understanding that I would still fill out the 1099-R section on turbotax as best as I can. When filling it out Turbotax gives me the option of doing a "substitute 1099-R", should I check this box and fill it out? It'll require me to provide an explanation(Form 4852). Additionally, for box 7 would I use codes J and 8?

M

Mike9241

don't just take the money out. contact the administrator and tell them you want to withdraw your excess contribution of $6000. let them figure out the proper amount since the account went down in value.

nothing is entered on your 2022 return. Because you have a loss for the period of time before the excess contribution was withdrawn, you won't need to amend that return when you get the 2023 1099-R because there are no earnings to report.

That 2023 1099-R reports the excess contribution minus the loss in box 1, box 2a is zero because no earnings were withdrawn. box 7 shows codes J&P code tells the IRS that it was the withdrawal of an excess contribution for the prior year by the due date.